The Ministry of Finance and Economy officially launched after a government reorganization for the first time in 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 and began work the same day. After being integrated into the Ministry of Economy and Finance in 2008, the economic ministry's organization has been reshaped for the first time in 18 years. Under this reorganization, the Ministry of Finance and Economy will handle overall economic policy, the tax system, the treasury, international finance, and public institution management, while the Ministry of Planning and Budget will separately take on mid- to long-term national strategy and the formulation of budgets and funds.
Koo Yun-cheol, Deputy Prime Minister and Minister of the Ministry of Finance and Economy, said in his inaugural address, "A rebound in the potential growth rate and a great economic leap are tasks that must be achieved," and added, "If last year was a period 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 new ministry's policy direction. The key tasks presented were stable management of the macroeconomy and people's livelihoods, reasonable coordination of economic policy, fair and efficient tax administration, stronger strategic financial and external cooperation, proactive treasury management, and innovation in public institutions.
Heads of affiliated agencies such as the National Tax Service, the Korea Customs Service, and the Public Procurement Service, as well as heads of subordinate institutions including 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 organization's official start.