'Gwangju will host event without gov't support'

By Kim Tae-jong

Officials of Gwangju said Monday that the city will push for hosting the 2019 international swimming competition regardless of the central government’s financial support.

They claimed that the city, which was selected the host of the 2019 FINA World Aquatics Championships on Friday, has the financial ability to host the competition on its own.

The reactions came amid growing concerns over whether the city can finance the global event without the government’s financial aid. Citing the city government’s forgery of a bid document to host the event, the central government retracted its plan to help the city finance the event.

“We haven’t thought of the circumstances in which we cannot receive any financial aid from the central government,” an official from the city government said. “However, regardless of state funding, we have to successfully host the event as scheduled, as we have been chosen as the host city.”

But no support from the central government means Gwangju have to fund the world event that costs over 63 billion won on its own. Under the original plan, the city was expected to receive financial aid worth 5.5 billion won from the central government.

The official noted that the city government would manage to secure the extra budget without much difficulty if the central government does not help finance the event.

“Our annual budget is 3.6 trillion won, and 5.5 billion won is not that huge amount of money, but we think the central government should help us host this international event, which is what the central government should do.”

But the extra funding can definitely be a burden for the city, as it has been suffering from budget deficits for years.

According to recent data, Gwangju showed the lowest financial dependence rate among six metropolitan cities. The financial independence rate of the city has continued to decrease to 40.1 percent in 2013 from 47.8 percent in 2008.

It is also said that the city government is already under pressure for the growing expenses in various welfare programs, due to President Park Geun-hye’s pledges for them.

The city government also emphasized that it needs to host the international swimming event as it will bring numerous benefits to the city and the whole country.

“The city estimated that about 20,000 athletes and officials will visit Gwangju and boost the economy of both the city and the country. Estimated economic benefits are 1.4 trillion won for Gwangju and 2.4 trillion won for the country,” the city government said in a statement.