What is the Ministry of Strategy and Finance of South Korea? Review of the Ministry of Strategy and Finance of South Korea

History

• July 17, 1948 - The Government of the Republic of Korea established the Ministry of Finance.

• July 30, 1961 - The Economic Planning Agency was established.

• December 17, 1963 - The Minister of Economic Planning Board is concurrently appointed as the Deputy Prime Minister.

• December 23, 1994 - The Ministry of Finance and the Economic Planning Agency merged and reorganized into the Ministry of Finance and Economics.

• February 28, 1998 - Reorganized into the Ministry of Finance and Economy, with the Deputy Prime Minister no longer concurrently serving as the Minister.

• January 29, 2001 - The Deputy Prime Minister once again concurrently assumed the post of Minister of Finance and Economy.

• February 29, 2008 - The Ministry of Finance and Economy was merged with the Planning and Budget Office to form the Ministry of Planning and Finance.

Responsibilities

• Establishment of medium- and long-term national development strategies.

• Establishment, formulation and adjustment of economic and fiscal policies.

• Budget, fund preparation, implementation and management for results.

• Currency, exchange rates, treasury, government accounting, domestic taxation, tariffs, international finance.

• Management of public institutions.

• Matters related to economic cooperation, state-owned property, private investment and national debt.

References