Shin Junghoon Calls for Decentralizing Authority and Readjusting Roles of Ministry of Economy and Finance

'Expert Forum on Reforming the Ministry of Economy and Finance'
to Be Held at the National Assembly on April 23

Shin Junghoon, Member of the National Assembly.

Shin Junghoon, a member of the Democratic Party of Korea (representing Naju and Hwasun in South Jeolla Province and Chair of the National Assembly's Public Administration and Security Committee), announced on April 22 that he will co-host an "Expert Forum on Reforming the Ministry of Economy and Finance" with fellow Democratic Party lawmakers from the Public Administration and Security Committee and the Strategy and Finance Committee. The forum will be held at 2:00 p.m. on April 23 at the National Assembly Members' Office Building.

This forum has been organized to discuss the need to reform South Korea's fiscal governance, which remains rooted in the development era framework of the 1960s, and to explore ways to readjust the authority and roles of the Ministry of Economy and Finance.

The Ministry of Economy and Finance currently wields significant power, overseeing a wide range of functions including budget formulation, economic policy planning, and tax administration. As a result, there have been ongoing criticisms that inter-ministerial cooperation and checks and balances have been weakened, and that policy operations have become overly focused on fiscal soundness.

The forum will discuss directions for national fiscal management aimed at improving the quality of life for citizens, as well as next-generation fiscal governance reforms to achieve balance among ministries. Key agenda items include: decentralizing the authority of the Ministry of Economy and Finance; separating budget functions from economic policy planning; strengthening ministerial autonomy and accountability; and introducing an open decision-making system.

Shin emphasized, "Starting with this forum, we will continue efforts to build public consensus on reforming the Ministry of Economy and Finance and establishing next-generation fiscal governance."