I am Jonghoo Lee, the 8th Chief of the National Assembly Budget Office (NABO).
The NABO is an organization specializing in national finance which assists the National Assembly in steadfastly fulfilling its financial and legislative rights as specified in the Constitution.
The NABO, established in 2003, has observed the principles of non-partisanship, expertise, and objectivity, and supported the legislative activity of members of the National Assembly -a representative body of the people- through analysis and research on budget and account settlement, cost estimates on bills, analysis and forecasts of the operation of national finances and macroeconomic trends, and analysis and evaluation of fiscal programs. Having successfully hosted the Annual Meeting of the OECD Network of Parliamentary Budget Officials and Independent Fiscal Institutions in 2018, the NABO is improving its status as an advanced organization of fiscal experts.
In 2018, South Korea’s per capita gross national income surpassed the 30,000 dollar mark. On the other hand, however, the country is faced with many difficulties such as low-growth environment, low birth rate and aging population, lack of decent jobs, and income polarization, and calls for the expanded role of national finances are growing louder accordingly.
Against this backdrop, it is essential to ensure that taxpayers’ hard-earned money is spent where it is needed most by keeping a close watch on the fiscal operation of the government and to provide a constructive alternative to resources for government expenditures in a way to reduce the burden on taxpayers.
The NABO will make its utmost effort to devote itself to helping members of the National Assembly to work harder and gain more credibility through further enhancing its expertise and providing analysis, evaluation, and research in an objective and reliable manner. Greater attention and support for the NABO would be much appreciated.