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

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
Ministers responsible
  • Choo Kyung-ho, Minister
  • Kim Byoung-hwan, 1st Vice Minister
  • Kim Wan-sub, 2nd Vice Minister
Child agencies
Websiteenglish.moef.go.kr

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.

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

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

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.[8]

List of ministers
No. Portrait Minister Term start Term end President
Minister of Finance
1 Kim Do-yeon 2 August 1948 22 April 1950 First Republic of Korea
2 Choi Sun-ju 25 April 1950 5 March 1951
3 Baek Du-jin 5 March 1951 9 September 1953
4 Park Hui-hyeon 9 September 1953 30 June 1954
5 Lee Jung-jyae 30 June 1954 11 July 1955
6 Kim Hyeon-chul 11 July 1955 26 May 1956
7 In Tae-sik 26 May 1956 9 June 1957
8 Kim Hyeon-chul 9 June 1957 20 March 1959
9 Song In-sang 20 March 1959 28 April 1960
10 Yun Ho-byeong 28 April 1960 19 August 1960
11 Kim Young-sun 23 August 1960 18 May 1961 Second Republic of Korea
12 Paik Sun-jin 20 May 1961 22 June 1961 Supreme Council
for National Reconstruction
13 Kim Yu-taek 22 June 1961 16 July 1961
14 Chun Byung-kyu 22 July 1961 16 June 1962
15 Kim Se-ryun 18 June 1962 8 February 1963
16 Hwang Jong-ryul 8 February 1963 16 December 1963
17 Park Dong-kyu 17 December 1963 26 June 1964 Third Republic of Korea
18 Rhie Jung-han 26 June 1964 5 December 1964
19 Hong Seung-hi 5 December 1964 16 November 1965
20 Kim Chung-yum 25 November 1965 26 September 1966
21 Kim Hak-ryeol 26 September 1966 27 December 1966
22 Suh Bong-kyun 27 December 1966 21 May 1968
23 Hwang Jong-ryul 21 May 1968 21 October 1969
24 Nam Duck-woo 21 October 1969 18 September 1974 Fourth Republic of Korea
25 Kim Yong-hwan 18 September 1974 22 December 1978
26 Kim Won-ki 22 December 1978 22 May 1980
27 Lee Seung-yun 22 May 1980 4 January 1982
28 Rha Woong-bae 4 January 1982 24 June 1982 Fifth Republic of Korea
29 Kang Kyong-shik 24 June 1982 15 October 1983
30 Kim Mahn-je 15 October 1983 8 January 1986
31 Chung In-yong 8 January 1986 26 May 1987
32 Sakong Il 26 May 1987 4 December 1988 Roh Tae-woo
33 Lee Kyu-sung 5 December 1988 18 March 1990
34 Chung Yung-euy 19 March 1990 26 May 1991
35 Rhee Yong-man 27 May 1991 24 February 1993
36 Hong Jae-hyong 25 February 1993 4 October 1994 Kim Young-sam
37 Park Jae-yoon 5 October 1994 23 December 1994
Deputy Prime Minister and Minister of Finance and Economy (1994-1998)
1 Hong Jae-hyong 23 December 1994 20 December 1995 Kim Young-sam
2 Rha Woong-bae 20 December 1995 8 August 1996
3 Han Seung-soo 8 August 19965 March 1997
4 Kang Kyong-shik 5 March 1997 19 November 1997
5 Lim Chang-yuel 19 November 1997 5 March 1998
Minister of Finance and Economy (1998-2001)
1 Lee Kyu-sung 5 March 1998 24 May 1999 Kim Dae-jung
2 Kang Bong-kyun 24 May 1999 14 January 2000
3 Lee Hun-jai 14 January 2000 7 August 2000
Deputy Prime Minister and Minister of Finance and Economy (2001-2008)
1 Jin Nyum 7 August 2000 15 April 2002 Kim Dae-jung
2 Jeon Yun-churl 15 April 2002 27 February 2003
3 Kim Jin-pyo 27 February 2003 10 February 2004 Roh Moo-hyun
4 Lee Hun-jai 10 February 2004 7 March 2005
5 Han Duck-soo 14 March 2005 18 July 2006
6 Kwon O-kyu 18 July 2006 29 February 2008
Minister of Economy and Finance (2008-2013)
1 Kang Man-soo 29 February 2008 9 February 2009 Lee Myung-bak
2 Yoon Jeung-hyun 10 February 2009 1 June 2011
3 Bahk Jae-wan 2 June 2011 22 March 2013
Deputy Prime Minister and Minister of Economy and Finance (2013-present)
1 Hyun Oh-seok 22 March 201314 July 2014 Park Geun-hye
2 Choi Kyoung-hwan 15 July 2014 12 January 2016
3 Yoo Il-ho 13 January 2016 8 June 2017
4 Kim Dong-yeon 9 June 2017 10 December 2018 Moon Jae-in
5 Hong Nam-ki 11 December 2018 9 May 2022
6 Choo Kyung-ho 10 May 2022 Incumbent Yoon Suk-yeol

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. https://www.ibm.com/ibm/history/ibm100/us/en/icons/mainframe/transform/
  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. Retrieved 2012-05-06.
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