The Ministry of Finance and Economy officially launched following a government reorganization after 18 years, it said on the 2nd. The plan is to separate economic policy and fiscal functions to boost policy execution and make this year the "first year of a great leap forward for the Korean economy."
The Ministry of Finance and Economy held a launch ceremony at the central building of the Government Complex Sejong that day and began work. After being integrated into the Ministry of Economy and Finance in 2008, the economic ministry has been reorganized for the first time in 18 years. Under this reorganization, the Ministry of Finance and Economy is responsible for overall economic policy, the tax system, the national treasury, international finance, and management of public institutions, while the functions for mid- to long-term national strategy and the formulation of budgets and funds were separated to the Ministry of Planning and Budget.
Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol said in his inaugural address, "A rebound in potential growth and a great economic leap are tasks that must be achieved," adding, "If last year was a time focused on recovery, this year must be made into a special year that drives full-fledged growth."
At the launch ceremony, the Ministry of Finance and Economy also shared the policy direction of the new ministry. Stable management of the macroeconomy and people's livelihoods, rational coordination of economic policies, fair and efficient tax administration, strengthened strategic financial and external cooperation, proactive national treasury management, and innovation in public institutions were presented as key tasks.
Heads of affiliated agencies, including the National Tax Service, the Korea Customs Service, and the Public Procurement Service, as well as heads of subordinate institutions such as The Export-Import Bank of Korea, Korea Investment Corporation (KIC), and Korea Minting, Security Printing & ID Card Operating Corporation (KOMSCO), attended the event. After the launch ceremony, the Ministry of Finance and Economy held a signboard unveiling to announce the official launch of the organization.