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Ministry of Economy and Finance (South Korea)

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Ministry of Economy and Finance
Republic of Korea
기획재정부
企劃財政部
Gihoek Jaejeong-bu

MOEF headquarters in Sejong
Agency overview
FormedFebruary 29, 2008
Preceding agencies
  • Ministry of Finance (1948–1994)
  • Ministry of Finance and Economy (1994–2008)
  • Ministry of Planning and Budget (1999–2008)
  • Ministry of Strategy and Finance (2008–2018)
JurisdictionGovernment of South Korea
HeadquartersGovernment Complex-Sejong, 477, Galmae-ro, Sejong-si 30109, South Korea
Minister responsible
Deputy Ministers responsible
  • Kim Beom-suk, 1st Vice Minister (in charge to Fiscality and Politic)
  • Kim Yoon-sang, 2nd Vice Minister (in charge to budget and finance)
Child agencies
Websiteenglish.moef.go.kr

The Ministry of Economy and Finance (MOEF; Korean: 기획재정부; Hanja: 企劃財政部) oversees the financial policies of the South Korean government. It publishes a monthly report on the national economy, known as the "Green Book."[1] The current minister is Choi San-mok. The headquarters is in the Sejong Government Complex in Sejong City.[2]

According to Chapter 3 Article 19 of the Government Organisation Act, the Minister of Economy and Finance also acts as the Deputy Prime Minister, together with the Minister for Education.[3]

MOEF has enforcement functions as well. It oversees the National Tax Tribunal and the Financial Intelligence Unit.

The ministry was formed in 1994 through the merger of the old Economic Planning Board (est. 1961) and Ministry of Finance (est. 1948).

History

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1948

Three years after gaining independence from Japan, the Korean government was set up and it established the Ministry of Finance and the Economic Planning Board. The Ministry of Finance took charge of designing tax, financial and monetary policies as well as managing state-owned property and exchange rates. On the other hand, the Economic Planning Board was empowered in 1961 and assumed an important mandate of designing 5 year economic development plans in addition to its usual functions such as managing the government's budget and securing foreign loans.

1967

The Economic Planning Board introduces the Republic of Korea's first electronic mainframe computer, an IBM 1401 system, to process data collected from the country's national census conducted the previous year.[4][5]

1994

As the need arose for an integrated approach to implement the government's functions on economic affairs in an efficient and coherent way, the Economic Planning Board and the Ministry of Finance was merged into the Ministry of Finance and Economy (MOFE).[6]

1998

In a response to the 1997 Asian financial crisis, the MOFE's functions were separated and transferred to other Ministries so as to mitigate the overconcentration of decision-making authority by MOFE. Its budgetary authority was transferred to the National Budget Administration, its financial supervision authority to the Financial Supervisory Commission, and its trade negotiating authority to the Ministry of Foreign Affairs and Trade.

1999

The Planning and Budget Commission and the National Budget Administration was merged into the Ministry of Planning and Budget (MPB).

2008

The Ministry of Finance and Economy (MOFE) and the Ministry of Planning and Budget (MPB) were again merged into the Ministry of Strategy and Finance (MOSF) in order to put under one roof fiscal policy functions and inter-ministerial policy coordination. On the other hand, the MOFE's authority on financial policies regarding the financial market was transferred to the Financial Services Commission. In 2018, the ministry changed its official English name to the Ministry of Economy and Finance.

Offices

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Currently this Ministry is in Sejong Government Complex in Sejong City. Previously the office had its headquarters in the Government Complex Gwacheon, in Gwacheon, Gyeonggi Province.[7]

Tasks

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1. Planning and coordination of the mid- to long-term socio-economic development goals and setting economic policy direction on an annual basis

2. Distributing resources effectively and assessing the effectiveness of budget execution

3. Planning/reforming Korea's tax policy and system

4. Planning and management of policies for treasury, government properties, government accounting and the national debt

5. Coordination of policies for foreign currency transactions and international finance

6. Enhancement of international cooperation and promotion of inter-Korean economic exchanges and cooperation

7. Management and monitoring of public institutions' operation

Criticism

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The Ministry of Economy and Finance was accused of releasing a comprehensive review on welfare-related campaign promises of each political party before the 2012 election.[8]

List of ministers

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Main article: Minister of Economy and Finance (South Korea)

See also

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References

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  1. ^ "Welcome to Ministry of Finance and Economy". Archived from the original on 2006-10-07. Retrieved 2006-04-06.
  2. ^ "Location." (Archive) Ministry of Strategy and Finance. Retrieved on December 31, 2013. "Ministry of Strategy and Finance, Government Complex-Sejong, 477, Galmae-ro, Sejong Special Self-Governing City 339-012, Korea"
  3. ^ "Statutes of the Republic of Korea". elaw.klri.re.kr. Retrieved 2022-12-09.
  4. ^ "IBM100 - IBM 1401: The Mainframe". IBM. 7 March 2012.
  5. ^ 서현진. (1997). 처음쓰는 한국컴퓨터사 (서울: 전자신문사).
  6. ^ Jung, J.-Y. (2011). How a Powerful Bureaucracy Fell: The Abolition of the Economic Planning Board in South Korea. Korea Observer. 42. 551-581.
  7. ^ "Location" (English) (). Ministry of Strategy and Finance. April 9, 2011. Retrieved on December 31, 2013. "Ministry of Strategy and Finance, Government Complex II, 49 Gwanmoonro, Gwacheon City, Gyeonggi Province, 427-725, Korea"
  8. ^ "Finance Ministry Accused of Violating Election Rules". KBS. 2012-04-05. Archived from the original on 2023-08-22. Retrieved 2012-05-06.
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