Gyeonggi Province announced on the 6th that it will launch a Fiscal Crisis Overcoming Strategy Task Force (TF).

On this day, Gyeonggi Province Governor Choo Mi-ae instructed the immediate formation of a TF centered around newly appointed Vice Governor for Economic Affairs Joo Hyung-chul to establish an emergency fiscal response system.

The TF will include relevant departments and external experts, and is scheduled to wrap up its activities by this month for prompt responses.

The TF's activities include conducting a thorough diagnosis of Gyeonggi Province's fiscal situation to identify the root causes of the fiscal crisis, implementing bold expenditure restructuring, and drafting comprehensive measures that include mid- to long-term revenue-expanding plans with institutional improvements.

Previously, Governor Choo held a press conference at the Gyeonggi Provincial Government complex the day before, declaring a "fiscal emergency" due to the province's severe financial difficulties and announcing the implementation of emergency measures to overcome them.

The emergency measures include reducing various operational expenses for the governor and senior officials, a complete halt to the compilation and execution of wasteful budgets, overhauling the public service organization, and institutional reforms to normalize the revenue structure.

(Photo: Yonhap News)