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Yonhap, Yu Hyung-jae) KOREA OUT, Associated Press
Cho Yang-ho, second from right, president of the Pyeongchang 2018 Winter Olympics Organizing Committee, attends a meeting with an IOC delegation, led by Gunilla Lindberg who chairs the coordination commission for the 2018 Winter Games, to review the preparations for the 2018 Pyeongchang Winter Olympics in Gangneung, South Korea, Friday, Jan. 16, 2015. South Korean organizers of the 2018 Winter Olympics said they finalized their 2015 budget for stadium construction and other preparations in and around Pyeongchang, but have declined to release the figures.

The IOC has accepted South Korea's venue plans for the 2018 Winter Games in Pyeongchang after organizers declined its request to move events to save money.

The International Olympic Committee and Korean organizers said in a joint statement Friday that "the venue master plan for the Pyeongchang 2018 Games has been finalized."

The announcement came following a two-day project review by the IOC's coordination commission.

Last month, the IOC urged Korean organizers to halt construction on a new bobsled, luge and skeleton venue and relocate the events to an existing sliding center in another country. The IOC said the move would save $120 million in construction costs and $3.5 million in yearly maintenance fees.

IOC coordination commission chair Gunilla Lindberg says the South Korean government and Olympic organizers "have made it clear that they will maintain their current venue plan."