By Yi Whan-woo

The ruling Saenuri Party announced its new name, roughly translated as "Korea Freedom Party," Wednesday.

The announcement comes in line with the party's efforts to overcome internal crisis and show its commitment to reform following the impeachment of President Park Geun-hye.

"We've decided to rename the party as the Korea Freedom Party at a general meeting where the lawmakers were eager to make sure the party will be reborn," party spokesman Rep. Kim Sung-won said. "We'll finalize the name around Feb. 13 after discussing it among interim committee officials and party members across the country."

The party will also choose a new logo and colors soon.

It is speculated that the logo will resemble the Korean national flag and its colors will include red, white and blue as appear on the Korean national flag.

"We've been consulting brand experts to reflect free democracy, market capitalism and conservative values," a party official said.