Ministry of Economy and Finance (South Korea)

Ministry of Economy and Finance
Republic of Korea
기획재정부; 企劃財政部; Gihoek Jaejeong-bu
	Emblem of the Ministry of Economy and Finance
Agency overview
Formed	February 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);
Jurisdiction	South Korea
Headquarters	Government Complex-Sejong, 477, Galmae-ro, Sejong-si 30109, South Korea
Ministers responsible	Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance; Ko Hyoung-kwon, 1st Vice Minister; Kim Yong-jin, 2nd Vice Minister;
Parent agency	Government of South Korea
Child agencies	National Tax Service; Korea Customs Service; Statistics Korea; Public Procurement Service;
Website	english.moef.go.kr

Headquarters in Sejong City

The Ministry of Economy and Finance (abbreviated to MOEF) 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 Hong Nam-ki. The headquarters is in the Sejong Government Complex in Sejong City.^[2]

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[]

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 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) 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. In 2018, the ministry changed its official English name to the Ministry of Economy and Finance.

Offices[]

Currently this Ministry is in in Sejong City. Previously the office had its headquarters in the , in Gwacheon, Gyeonggi Province.^[3]

Tasks[]

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[]

The Ministry of Economy and Finance was accused of releasing a comprehensive review on welfare-related campaign promises of each political parties before the 2012 election.^[4]

Ministers[]

Ministers of Finance (1948-1994)[]

August 1948 - April 1950: Kim Do-yeon
April 1950 - March 1951:
March 1951 - September 1953: Baek Du-jin
September 1953 - June 1954:
June 1954 - July 1955:
July 1955 - May 1956: Kim Hyeon-cheol
May 1956 - June 1957:
June 1957 - March 1959: Kim Hyeon-cheol
March 1959 - April 1960:
April 1960 - August 1960:
August 1960 - May 1961:
May 1961 - June 1961:
June 1961 - July 1961:
July 1961 - June 1962:
June 1962 - February 1963:
February 1963 - December 1963:
December 1963 - June 1964:
June 1964 - December 1964:
December 1964 - November 1965:
January 1966 - September 1996: Kim Chung-yum
September 1966 - December 1966:
December 1966 - May 1968:
May 1968 - October 1969:
October 1969 - September 1974: Nam Duck-woo
September 1974 - December 1978:
December 1978 - May 1980:
May 1980 - January 1982:
January 1982 - June 1982: Rha Woong-bae
June 1982 - October 1983:
October 1983 - January 1986:
January 1986 - May 1987:
May 1987 - December 1988:
December 1988 - March 1990:
March 1990 - May 1991:
May 1991 - February 1993:
February 1993 - October 1994:
October 1994 - December 1994:

Ministers of Finance and Economy (1994-2008)[]

December 1994 - December 1995:
December 1995 - August 1996: Rha Woong-bae
August 1996 - March 1997: Han Seung-soo
March 1997 - November 1997:
November 1997 - February 1998:
March 1998 - May 1999:
May 1999 - January 2000: Kang Bong-kyun
January 2000 - August 2000: Lee Hun-jai
August 2000 - April 2002:
April 2002 - February 2003:
February 2003 - February 2004: Kim Jin-pyo
February 2004 - March 2005: Lee Hun-jai
March 2005 - July 2006: Han Duck-soo
July 2006 - February 2008:

Ministers of Strategy and Finance (since 2008)[]

February 2008 - February 2009:
February 2009 - June 2011: Yoon Jeung-hyun
June 2011 - March 2013:
March 2013 - July 2014:
July 2014 - January 2016: Choi Kyoung-hwan
January 2016 - May 2017: Yoo Il-ho
May 2017 - December 2018: Kim Dong-yeon
Since December 2018: Hong Nam-ki

References[]

^ "Archived copy". Archived from the original on 2006-10-07. Retrieved 2006-04-06.CS1 maint: archived copy as title (link)
^ "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"
^ "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"
^ "Finance Ministry Accused of Violating Election Rules". KBS. 2012-04-05. Retrieved 2012-05-06.

External links[]

Official English site
Official site (in Korean)

[1] "Archived copy". Archived from the original on 2006-10-07. Retrieved 2006-04-06.CS1 maint: archived copy as title (link)

[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] "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"

[4] "Finance Ministry Accused of Violating Election Rules". KBS. 2012-04-05. Retrieved 2012-05-06.

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