Ministry of Economy and Finance (South Korea)

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 Choo Kyung-ho. The headquarters is in the Sejong Government Complex in Sejong City.[2]

Ministry of Economy and Finance
Republic of Korea
기획재정부
企劃財政部
Gihoek Jaejeong-bu
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
Ministers responsible
  • Choo Kyung-ho, Minister
  • Bang Kisun, 1st Vice Minister
  • Choi Sangdae, 2nd Vice Minister
Child agencies
Websiteenglish.moef.go.kr
Headquarters in Sejong City

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

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 Sejong Government Complex in Sejong City. Previously the office had its headquarters in the Government Complex Gwacheon, in Gwacheon, Gyeonggi Province.[4]

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 party before the 2012 election.[5]

List of Ministers
MinisterAdministrationMinisterial titleTerm startTerm end
Kim Do-yeonFirst Republic of KoreaMinister of Finance2 August 194822 April 1950
Choi Sun-ju25 April 19505 March 1951
Baek Du-jin5 March 19519 September 1953
Park Hui-hyeon9 September 195330 June 1954
Lee Jung-jyae30 June 195411 July 1955
Kim Hyeon-cheol11 July 195526 May 1956
In Tae-sik26 May 19569 June 1957
Kim Hyeon-cheol9 June 195720 March 1959
Song In-sang20 March 195928 April 1960
Yun Ho-byeong28 April 196019 August 1960
Kim Young-sunSecond Republic of Korea23 August 196018 May 1961
Paik Sun-jinSupreme Council for National Reconstruction20 May 196122 June 1961
Kim Yu-taek22 June 196116 July 1961
Chun Byung-kyu22 July 196116 June 1962
Kim Se-ryun18 June 19628 February 1963
Hwang Jong-ryul8 February 196316 December 1963
Park Dong-kyu Third Republic of Korea 17 December 1963 26 June 1964
Rhie Jung-han 26 June 1964 5 December 1964
Hong Seung-hi 5 December 1964 16 November 1965
Kim Chung-yum 25 November 1965 26 September 1966
Kim Hak-ryeol 26 September 1966 27 December 1966
Suh Bong-kyun 27 December 1966 21 May 1968
Hwang Jong-ryul 21 May 1968 21 October 1969
Nam Duck-wooFourth Republic of Korea21 October 196918 September 1974
Kim Yong-hwan18 September 197422 December 1978
Kim Won-ki22 December 197822 May 1980
Lee Seung-yun22 May 19804 January 1982
Rha Woong-baeFifth Republic of Korea4 January 198224 June 1982
Kang Kyong-shik24 June 198215 October 1983
Kim Mahn-je15 October 19838 January 1986
Chung In-yong8 January 198626 May 1987
Sakong IlRoh Tae-woo26 May 19874 December 1988
Lee Kyu-sung5 December 198818 March 1990
Chung Yung-euy19 March 199026 May 1991
Rhee Yong-man27 May 199124 February 1993
Hong Jae-hyongKim Young-sam25 February 19934 October 1994
Park Jae-yoon5 October 199423 December 1994
Hong Jae-hyongMinister of Finance and Economy23 December 199420 December 1995
Rha Woong-bae20 December 19958 August 1996
Han Seung-soo8 August 19965 March 1997
Kang Kyong-shik5 March 199719 November 1997
Lim Chang-yuel19 November 19975 March 1998
Lee Kyu-sungKim Dae-jung5 March 199824 May 1999
Kang Bong-kyun24 May 199914 January 2000
Lee Hun-jai14 January 20007 August 2000
Jin Nyum7 August 200015 April 2002
Jeon Yun-churl15 April 200227 February 2003
Kim Jin-pyoRoh Moo-hyun27 February 200310 February 2004
Lee Hun-jai10 February 20047 March 2005
Han Duck-soo14 March 200518 July 2006
Kwon O-kyu18 July 200629 February 2008
Kang Man-sooLee Myung-bakMinister of Economy and Finance29 February 20089 February 2009
Yoon Jeung-hyun10 February 20091 June 2011
Bahk Jae-wan2 June 201122 March 2013
Hyun Oh-seokPark Geun-hye22 March 201314 July 2014
Choi Kyoung-hwan15 July 201412 January 2016
Yoo Il-ho13 January 20168 June 2017
Kim Dong-yeonMoon Jae-in9 June 201710 December 2018
Hong Nam-ki11 December 20189 May 2022
Choo Kyung-hoYoon Suk-yeol10 May 2022Incumbent

See also

References
  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. "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"
  5. "Finance Ministry Accused of Violating Election Rules". KBS. 2012-04-05. Retrieved 2012-05-06.
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