Assemblyman Jung Hoon Choi: "South Jeolla Funds Fall Short of Targets... Full Review of Management Needed"
Expert Evaluation and Dedicated Team Formation
Efforts to Review and Restructure Fund Management
There have been calls to reassess the appropriateness of fund management in South Jeolla Province, as some funds operated by the province have not met their initial accumulation targets and are being executed mainly through non-loan projects.
The South Jeolla Provincial Assembly announced on December 8 that Assemblyman Jung Hoon Choi (Democratic Party of Korea, Mokpo District 4), while reviewing the 2026 budget proposal at the Special Committee on Budget and Accounts, stated, "The purpose for establishing the province's funds and their current execution structure significantly diverge from their original intent."
Assemblyman Choi pointed out that some funds in the province fall far short of their accumulation targets, and interest income remains at around 200 million won, indicating insufficient practical utilization.
He explained, "Contrary to the original intent of creating a stable support structure through loan projects based on fund accumulation, actual execution has focused on individual projects that could sufficiently be handled through the general account."
He further emphasized, "Fund performance analysis also shows that 'having fewer funds is more efficient,' so funds that do not align with their intended purpose require a comprehensive structural review and reorganization."
He added, "The total size of all provincial funds exceeds 1 trillion won, but the fund management plan mixes previous year results with the current year's plans, leading to inconsistencies in the stated amounts. A dedicated team should be formed to completely overhaul the preparation system."
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In response, Yoon Jin-ho, Director of Planning and Coordination for South Jeolla Province, said, "Eight funds, including the ones in question, are subject to evaluation regarding their continuation. We will comprehensively gather expert opinions to reassess the appropriateness and future direction of fund management."
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