Ministry of Strategy and Finance

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Ministry of Strategy and Finance,
Republic of Korea

기획재정부
Gihoek Jaejeong-bu
Agency overview
Formed February 29, 2008
Preceding agencies Ministry of Finance and Economy
Ministry of Planning and Budget
Jurisdiction Government of South Korea
Headquarters Sejong Government Complex, Sejong City, South Korea
Agency executive Hyun Oh-seok, Minister
Child agencies National Tax Service
Korea Customs Service
Korea National Statistical Office
Public Procurement Service
Website Official English Site [1]

The Ministry of Strategy & Finance or MOSF oversees the financial policies of the South Korean government. It publishes a monthly report on the national economy, known as the "Green Book." [2] The current minister is Hyun Oh-seok. The headquarters is in the Sejong Government Complex in Sejong City.[1]

MOSF 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[edit]

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.

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).

1998

In a response to the financial crisis, the MOFE's functions were separated and transferred to other Ministries so as to mitigate the over-concentration 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 Committee 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) was 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.

Offices[edit]

Previously the office had its headquarters in the Government Complex II in Gwacheon, Gyeonggi Province.[2]

Tasks[edit]

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[edit]

The Ministry of Strategy and Finance was accused of releasing a comprehensive review on welfare-related campaign promises of each political parties before the 2012 election.[3]

See also[edit]

References[edit]

  1. ^ "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"
  2. ^ "Location" (English) (Archive). 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"
  3. ^ "Finance Ministry Accused of Violating Election Rules". KBS. 2012-04-05. Retrieved 2012-05-06. 

External links[edit]