Ministry of Economy and Finance (South Korea)

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. 1967 The Economic Planning Board introduces the Republic of Korea's first electronic mainframe computer, an IBM 1401 system, to process data collected from the country's national census conducted the previous year. 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 1997 Asian 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) were 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. In 2018, the ministry changed its official English name to the Ministry of Economy and Finance. 2026 Ministry of Strategy and Finance (MOSF) was divided into two organs, Ministry of Finance and Economy (MOFE) and the Ministry of Planning and Budget (MPB). == Offices ==

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

1. Planning and coordination of the mid- to long-term socio-economic development goals and setting economic policy direction on an annual basis 2. Distributing resources effectively and assessing the effectiveness of budget execution 3. Planning/reforming Korea's tax policy and system 4. Planning and management of policies for treasury, government properties, government accounting and the national debt 5. Coordination of policies for foreign currency transactions and international finance 6. Enhancement of international cooperation and promotion of inter-Korean economic exchanges and cooperation 7. Management and monitoring of public institutions' operation ==Criticism==

The Ministry of Economy and Finance was accused of releasing a comprehensive review on welfare-related campaign promises of each political party before the 2012 election. == Logo ==

File:Emblem of the Government of the Republic of Korea (1949-2016).svg|1948~2001 File:Ministry of Finance and Economy Republic of Korea.svg|2001~2008 File:기획재정부 로고 (2008-2016).svg|2008~2016 File:Ministry of Economy and Finance of the Republic of Korea Logo (2016-2026) (vertical).svg|2016~2026 File:Ministry of Economy and Finance of the Republic of Korea Logo (vertical).svg|2026~present == List of ministers ==