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== List of ministers ==
== List of ministers ==
{{Main article|Minister of Economy and Finance (South Korea)}}
{{Main article|Minister of Economy and Finance (South Korea)}}
{| class="wikitable" style="text-align:center"
|-
! No.
! Portrait
! Minister
! Term start
! Term end
! [[President of South Korea|President]]
|-
! colspan="6" | Minister of Finance
|-
|-
| 1
| [[File:Kim Do-yeon 1932.jpg|75px]]
| [[Kim Do-yeon (politician)|Kim Do-yeon]]
| 2 August 1948
| 22 April 1950
| rowspan="10" | [[First Republic of Korea]]
|-
| 2
|
| [[Choi Sun-ju]]
| 25 April 1950
| 5 March 1951
|-
| 3
| [[File:Baek Du-jin.jpg|75px]]
| [[Paik Too-chin|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
| [[File:Kim Hyun-chul 金顕哲 김현철 1961.jpg|75px]]
| [[Kim Hyun-chul (politician)|Kim Hyeon-chul]]
| 11 July 1955
| 26 May 1956
|-
| 7
|
| [[In Tae-sik]]
| 26 May 1956
| 9 June 1957
|-
| 8
| [[File:Kim Hyun-chul 金顕哲 김현철 1961.jpg|75px]]
| 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 (politician)|Kim Young-sun]]
| 23 August 1960
| 18 May 1961
| [[Second Republic of Korea]]
|-
| 12
|
| [[Paik Sun-jin]]
| 20 May 1961
| 22 June 1961
| rowspan="5" | [[Supreme Council for National Reconstruction|Supreme Council<br />for National Reconstruction]]
|-
| 13
|
| [[Kim Yu-taek (politician)|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
| rowspan="7" |[[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
| rowspan="4" | [[Fourth Republic of Korea]]
|-
| 25
|
| [[Kim Yong-hwan (South Korean politician)|Kim Yong-hwan]]
| 18 September 1974
| 22 December 1978
|-
| 26
|
| [[Kim Won-ki]]
| 22 December 1978
| 22 May 1980
|-
| 27
|
| [[Lee Seung-yun (politician)|Lee Seung-yun]]
| 22 May 1980
| 4 January 1982
|-
| 28
|
| [[Rha Woong-bae]]
| 4 January 1982
| 24 June 1982
| rowspan="4" | [[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
| rowspan="4" | [[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
| rowspan="2" | [[Kim Young-sam]]
|-
| 37
|
| [[Park Jae-yoon]]
| 5 October 1994
| 23 December 1994
|-
|-
! colspan="6" | Deputy Prime Minister and Minister of Finance and Economy (1994-1998)
|-
| 1
|
| [[Hong Jae-hyong]]
| 23 December 1994
| 20 December 1995
| rowspan="5" | [[Kim Young-sam]]
|-
| 2
|
| Rha Woong-bae
| 20 December 1995
| 8 August 1996
|-
| 3
| [[File:Closeup Han Seung-soo.jpg|75px]]
| [[Han Seung-soo]]
| 8 August 1996 || 5 March 1997
|-
| 4
|
| [[Kang Kyong-shik]]
| 5 March 1997
| 19 November 1997
|-
| 5
|
| [[Lim Chang-yuel]]
| 19 November 1997
| 5 March 1998
|-
! colspan="6" | Minister of Finance and Economy (1998-2001)
|-
| 1
|
| [[Lee Kyu-sung]]
| 5 March 1998
| 24 May 1999
| rowspan="3" | [[Kim Dae-jung]]
|-
| 2
|
| [[Kang Bong-kyun]]
| 24 May 1999
| 14 January 2000
|-
| 3
|
| [[Lee Hun-jai]]
| 14 January 2000
| 7 August 2000
|-
! colspan="6" | Deputy Prime Minister and Minister of Finance and Economy (2001-2008)
|-
| 1
|
| [[Jin Nyum]]
| 7 August 2000
| 15 April 2002
| rowspan="2" | [[Kim Dae-jung]]
|-
| 2
|
| [[Jeon Yun-churl]]
| 15 April 2002
| 27 February 2003
|-
| 3
| [[File:Kim Jin-pyo 2022-07.jpg|75px]]
| [[Kim Jin-pyo (politician)|Kim Jin-pyo]]
| 27 February 2003
| 10 February 2004
| rowspan="4" | [[Roh Moo-hyun]]
|-
| 4
|
| [[Lee Hun-jai]]
| 10 February 2004
| 7 March 2005
|-
| 5
| [[File:Han Duck-soo.jpg|75px]]
| [[Han Duck-soo]]
| 14 March 2005
| 18 July 2006
|-
| 6
|
| [[Kwon O-kyu]]
| 18 July 2006
| 29 February 2008
|-
! colspan="6" | Minister of Economy and Finance (2008-2013)
|-
| 1
|
| [[Kang Man-soo (politician)|Kang Man-soo]]
| 29 February 2008
| 9 February 2009
| rowspan="3" | [[Lee Myung-bak]]
|-
| 2
| [[File:Yoon Jeung-Hyun (cropped).jpg|75px]]
| [[Yoon Jeung-hyun]]
| 10 February 2009
| 1 June 2011
|-
| 3
| [[File:20110701 Jaewan Bakh.jpg|75px]]
| [[Bahk Jae-wan]]
| 2 June 2011
| 22 March 2013
|-
|-
! colspan="6" | Deputy Prime Minister and Minister of Economy and Finance (2013-present)
|-
| 1
|
| [[Hyun Oh-seok]]
| 22 March 2013 || 14 July 2014
| rowspan="3" | [[Park Geun-hye]]
|-
| 2
| [[File:Choi Kyoung-hwan 2014.jpg|75px]]
| [[Choi Kyoung-hwan]]
| 15 July 2014
| 12 January 2016
|-
| 3
| [[File:Deputy PM Yoo Ilho Press Conference 04.jpg|75px]]
| [[Yoo Il-ho]]
| 13 January 2016
| 8 June 2017
|-
| 4
| [[File:포털사이트 공식 김동연 프로필 사진.jpg|75px]]
| [[Kim Dong-yeon]]
| 9 June 2017
| 10 December 2018
| rowspan="2" | [[Moon Jae-in]]
|-
| 5
| [[File:Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance.jpg|75px]]
| [[Hong Nam-ki]]
| 11 December 2018
| 9 May 2022
|-
| 6
| [[File:추경호 부총리 예방 받아 001 (cropped).jpg|75px]]
| [[Choo Kyung-ho]]
| 10 May 2022
| ''28 December 2023''
| rowspan="2"|[[Yoon Suk-yeol]]
|-
| 7
| [[File:(증명사진) 최상목 부총리.jpg|75px]]
| [[Choi Sang-mok]]
| 29 December 2023
| ''Incumbent''
|}


==See also==
==See also==

Revision as of 15:06, 23 February 2024

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 Byoung-hwan, 1st Vice Minister (in charge to Fiscality and Politic)
  • Kim Yoon-sang, 2nd Vice Minister (in charge tobudget 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 Choo Kyung-ho. 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

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.

Organizational structure

  • Economic Policy Bureau
  • Policy Coordination Bureau
  • Economic Structural Reform Bureau
  • Future Vision and Strategy Bureau
  • International Finance Bureauu
  • International Economic Affairs Bureau
  • Development Finance Bureau
  • Treasury Bureau
  • Fiscal Policy Bureau
  • Fiscal Management Bureau
  • Public Institutions Policy Bureau

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

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

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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