The budget for 2018 is ₩24 billion won (£16 million/$31 million/€18 million) higher than the ₩5.6 trillion won (£3.7 billion/$4.8 billion/€4.1 billion) budget set for this year, according to Kado.net.

It is claimed the budget is based upon South Korea's first Winter Olympic and Paralympic Games proving to be a success.

The province is expected to invest ₩45 billion won (£30 billion/$40 billion/€33 billion) into the promotion of the Games domestically.

A further ₩90 billion won (£60 billion/$80 billion/€66 billion) will be put into the overseas promotion of the Olympics, which will take place from February 9 to 25.

The Paralympic Games will follow from March 8 to 18.

Local officials are hopeful the Games will help to launch strategic business partnerships, which are hoped to guide the province in the years after the Games.

Gangwon is reportedly expecting its debt to rise to ₩419 billion won (£283 million/$552 million/€320 million) by the close of 2018, with a total of ₩85 billion (£57 million/$112 million/€64 million) being repaid every year.

An aim of making the province debt free by 2022 has been outlined.

"We must hold the Pyeongchang Olympic Games successfully by collecting the needs of the citizens of the province,"said Choi Moon-soon, Governor of Gangwon, according to Yonhap News.

"We will concentrate our efforts on discovering and investing in new strategic businesses after the Olympics and concentrate our efforts on zeroing our debt.

"I will try my best to reflect the new or increased budget."

Gangwon is preparing to welcome athletes in less than three months time, with the county of Pyeongchang located within the province.

It is claimed there will be a drop of ₩230 billion won (£155 million/$204 million/€175 million) in funding from the South Korean Government for the province, with preparations for the Games nearly concluded.