Ministry of Strategy and Finance (South Korea)

Ministry of Strategy and Finance
Republic of Korea

기획재정부 企劃財政部 Gihoek Jaejeong-bu
Emblem of the Ministry of Strategy and Finance
Agency overview
Formed	February 29, 2008
Preceding agencies	Ministry of Finance and Economy Ministry of Planning and Budget
Jurisdiction	Republic of Korea
Headquarters	Government Complex-Sejong, 477, Galmae-ro, Sejong-si 30109, South Korea
Agency executives	Yoo Il-Ho, Deputy Prime Minister and Minister of Strategy and Finance Joo Hyeonghwan, 1st Vice Minister (Strategy, Finance and Economy) Bang Moonkyu, 2nd Vice Minister (Planning and Budget) Jung Eunbo, Deputy Minister
Parent agency	Government of South Korea
Child agencies	National Tax Service Korea Customs Service Korea National Statistical Office Public Procurement Service
Website	english.mosf.go.kr

The Ministry of Strategy & Finance (abbreviated to MOSF) 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 Yoo Il-Ho. The headquarters is in the Sejong Government Complex in Sejong City.

MOSF 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).

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.

Currently this Ministry is in Sejong Complex Gwacheon in Sejong City. Previously the office had its headquarters in the Government Complex Gwacheon, in Gwacheon, Gyeonggi Province.