The budget for the Gwangju 2015 Summer Universiade has been cut by KRW11.1 billion (£6.7 million/$10 million/€8.8 milion) for the 2015 fiscal year.
A workshop was conducted by the Committee earlier today with competition officials in order to discuss the challenges they will now face following the announcement.
The meeting saw 25 competition coordinators from the 21 sports hold talks with members of the Gwangju Organising Committee, including secretary general Kim Yoon-suk, as they continue to prepare for the Games, due to get underway on July 3.
The majority of the discussions focused on how to minimise costs while maximising the benefits in every sports competition.
As a result, the new goal for Gwangju is to host a cost-effective and meaningful event for all.
The participants of the workshop unanimously agreed to prepare the Universiade without compromising the safety and security of the people working and visiting the event.
"I am confident that the Gwangju Universiade will be able to make the best out of what was given and host an event for the youth all over the world to have fun and leave with great memories of Gwangju," said Kim.
"The GUOC and competition coordinators share a common goal.
"Therefore, I am looking forward to working with them towards a successful Universiade."
This does not mark the first time a budget has been cut for a major multi-sport event in South Korea, after Incheon 2014 organisers had to face several such cuts ahead of last year's Asian Games.
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