Choo Mi-ae Launches "Financial Crisis Overcoming TF" Immediately... Comprehensive Plan by End of August

Gyeonggi Province Governor Choo Mi-ae is launching an emergency task force (TF) to overcome the "Gyeonggi Province Financial Crisis."

On August 6, Governor Choo ordered Deputy Governor for Economic Affairs Ju Hyung-chul to immediately activate the "Financial Crisis Overcoming Strategy TF." She instructed the team to conduct a thorough assessment of Gyeonggi Province’s fiscal situation, analyze the fundamental causes of the crisis, and formulate mid- to long-term strategies for expanding revenue sources.

The TF will include related provincial departments and external experts. By the end of August, the team aims to devise a comprehensive plan that addresses fiscal diagnosis, expenditure restructuring, and institutional improvement measures.

Previously, on August 5, Governor Choo held an emergency press conference to officially declare a "financial emergency situation" in Gyeonggi Province, stating that it is inevitable to draw up a supplementary budget with a reduction of 770 billion won. She announced four major fiscal innovation measures: rigorous restructuring of expenditures, innovation within the public sector, protection of livelihood budgets, and reform of the revenue structure.

Gyeonggi Province Governor Choo Mi-ae is officially declaring the financial emergency situation of Gyeonggi Province on the 5th. Provided by Gyeonggi Province

Governor Choo stated, "We are in a situation where it is not just difficult to pursue new pledges, but even maintaining existing projects smoothly is challenging," diagnosing the current fiscal difficulties as a structural crisis rather than a temporary phenomenon. She also strongly criticized the eighth popularly-elected administration’s fiscal management, noting that last year, local bonds were issued in amounts close to the legal ceiling of 943 billion won and 558.8 billion won in various earmarked funds were reallocated to the general account.

In addition, she emphasized the need for strong fiscal reforms, warning, "If we take no action now, we may fall into a vicious cycle of issuing local bonds again in two to three years." She went on to say that she will reduce business expenses for senior officials, including herself, comprehensively review wasteful spending and non-essential projects, and advocate to the government and the National Assembly for the improvement of the revenue structure centered on acquisition taxes and expansion of local consumption taxes to enhance the fiscal foundation.

This content was produced with the assistance of AI translation services.