There will not be a 8th Korea Film Awards at the Sejong Cultural Center on 6th December after MBC announced it's suspension due to financial problems. MBC said on the 22nd that due to insufficient funds for producing the event, they have decided to suspend the awards ceremony this year. They stressed that they are not abolishing the whole event but just suspending it for this year. They promised that it will return with a better awards ceremony next time. The Korea Film Awards was started in 2002 and had been running every December for the past seven years. Although it can't be compared to other award shows like the Blue Dragon Film Awards which has years of history, it has always held a soft spot among many for it's fairness in judging and always reaching out to low budget films. But with the Korean economy still in recession, MBC has been unable to find sponsors for the event which is less than two months away. Thus, MBC decided to make the painful decision of suspending the awards ceremony for 2009.