Gyeonggi Governor Declares Financial Emergency, Cites Previous Administration's Mismanagement

Gyeonggi Province Governor Choo Mi-ae has declared a "financial emergency situation" for the province, stating that the "golden time to fix Gyeonggi's finances has been missed." In a rare and strong critique of the previous administration led by former Governor Kim Dong-yeon, Choo accused the prior leadership of "ruining trust." During a press conference at the Gyeonggi Provincial Government Building, Choo announced that the province must implement a supplementary budget cut of approximately 770 billion won. "We must make decisions to set the finances straight and protect the lives of the people and the future of Gyeonggi before it's too late," she explained, detailing the reasons for the emergency declaration. Choo attributed the severe fiscal crisis to the financial operations during the previous administration's term (the 8th popularly elected term), specifically citing the issuance of local bonds and the use of reserve funds. "Gyeonggi Province has issued local bonds totaling approximately 943 billion won across three instances in 2025, nearing the local bond issuance limit of 946 billion won, which is 99.6% of the limit," she stated. Additionally, about 558.8 billion won from various reserve funds was used through an integrated account during three supplementary budgets.

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Gyeonggi Province's finances are in an emergency situation... we have no more funds to draw.