DistantNews
Support us
Choo Mi-ae: 'We missed the fiscal golden time'... Gyeonggi Province declares 'emergency financial situation'
🇰🇷 South Korea /Economy & Trade

Choo Mi-ae: 'We missed the fiscal golden time'... Gyeonggi Province declares 'emergency financial situation'

From Dong-A Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • Gyeonggi Province Governor Choo Mi-ae declared a "fiscal emergency situation" for the province.
  • She stated that the province missed the "golden time" to fix its finances and needs to cut approximately 770 billion won.
  • The governor cited the previous administration's fiscal operations, including local bond issuance, as reasons for the current crisis.

Gyeonggi Province Governor Choo Mi-ae declared a "fiscal emergency situation" for the province on Tuesday, stating that the "golden time" to rectify its finances has been missed. She announced that the province must implement budget cuts totaling approximately 770 billion won.

Gyeonggi Province's finances are in a state of emergency.

— Choo Mi-aeDeclaring the fiscal emergency situation.

During a press conference, Governor Choo explained that this declaration was a "decision to set the finances straight and protect the lives of the provincial residents and the future of Gyeonggi Province before it is too late." To address the crisis, she pledged measures including cutting various official business expenses for the governor and high-ranking officials, halting the creation and execution of wasteful budgets, fundamentally improving the public service organization, and reforming systems to normalize Gyeonggi Province's revenue structure.

Gyeonggi Province must cut its budget by approximately 770 billion won.

— Choo Mi-aeStating the immediate financial need.

Governor Choo attributed the severe fiscal crisis to the financial operations of the previous administration, led by former Governor Kim Dong-yeon. Specifically, she pointed to the issuance of local bonds and the use of reserve funds during the 8th term of the local government.

This is a decision to set the finances straight and protect the lives of the provincial residents and the future of Gyeonggi Province before it is too late.

— Choo Mi-aeExplaining the reason for the emergency declaration.

"Gyeonggi Province issued approximately 943 billion won in local bonds over three separate occasions in 2025," Choo stated. "This figure is close to the 99.6% limit of the local bond issuance cap, which is 9,460 [billion won]." She added that through three supplementary budgets, the province has reached this critical point.

Gyeonggi Province issued approximately 943 billion won in local bonds over three separate occasions in 2025. This figure is close to the 99.6% limit of the local bond issuance cap, which is 9,460 [billion won].

— Choo Mi-aeDetailing the previous administration's bond issuance.
DistantNews Editorial

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

More Stories

From Our Blog