Koo Yoon-chul, Deputy Minister of Economy and Finance, "Launch of Fiscal Innovation TF... Overseeing Structural and Qualitative Reforms in Overall Management"

Koo Yoon-chul, 2nd Vice Minister of the Ministry of Economy and Finance (file photo)

[Asia Economy Reporter Joo Sang-don] Koo Yoon-cheol, Vice Minister of Strategy and Finance, stated on the 20th, "We will promote structural and qualitative reforms in overall fiscal management through the Fiscal Innovation TF."

On the same day, Vice Minister Koo made these remarks at the government Sejong Complex during the launch meeting of the Fiscal Innovation TF and the '2020 1st Expenditure Structure Reform Group Meeting.'

This meeting was organized to discuss the future operational direction following the launch of the Fiscal Innovation TF and to deliberate on specific fiscal innovation tasks, including ▲field-oriented innovation leading models ▲comprehensive expenditure structure adjustment directions by sector ▲plans for in-depth evaluation of fiscal projects in 2020.

Vice Minister Koo explained, "Through the TF, we plan to integrate management of innovation tasks aimed at enhancing productivity, efficiency, and sustainability in fiscal operations and continuously discover additional tasks. Also, to support innovative growth with fiscal resources, we will actively promote the 'field-oriented innovation leading model' project focused on 'field, collaboration, and performance' through a public-private joint effort."

He added, "To respond to changes in external environments such as demographic structure, we must fundamentally reconsider fiscal investment directions and expenditure priorities by sector. We will also proceed with structural adjustments for annually under-executed projects and government subsidy projects that have been supported habitually."

Based on the discussions held on this day, the government plans to continuously manage and monitor major fiscal innovation tasks through discussions at the National Fiscal Strategy Meeting and incorporation into the 2021 budget proposal and the 2020?2024 National Fiscal Management Plan.