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Title NABO Successfully Concludes the 10th OECD PBO-IFIs

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    2018-07-04

NABO Successfully Concludes the 10th OECD PBO-IFIs
- 81 participants from 36 countries and 10 international organizations and institutions seek better directions for budget management-

 

❑ NABO (Chief: Chunsoon Kim) announced that the 10th Annual Meeting of the OECD Network of Parliamentary Budget Officials and Independent Fiscal Institutions (OECD PBO-IFIs) held from Monday July 2nd to Wednesday July 4th, 2018, was successfully concluded. The OECD PBO-IFIs is an annual meeting first launched in Rome, 2009, in response to the 2008 global financial crisis. In this meeting, 35 OECD member countries and representatives of independent fiscal institutions that provide independent analyses on economic and budgetary issues come together to discuss positive directions for fiscal management, including ways to enhance fiscal soundness.

 

❑ This meeting was held in Asia for the first time, hosted by the National Assembly Budget Office at the request of the OECD, co-chaired by NABO Chief Chunsoon Kim and Robert Chote, Chairman of the Office for Budget Responsibility (OBR) of the United Kingdom. A record number of 36 countries were represented including 30 OECD member countries, along with participation by 10 international organizations and institutions such as the OECD, EU and IMF. As for the number of participants, there were 81 delegates, including Keith Hall who is responsible for the overall American congressional budgetary process as the Director of the Congressional Budget Office (CBO) of the United States and Rudolph G. Penner, a former assistant director for economic policy at the Office of Management and Budget (OMB). Furthermore, this meeting was particularly meaningful in that representatives from six non-OECD members, China, Indonesia, Ukraine, Slovenia, Brazil and Peru, participated for the first time.

 

❑ On July 3rd (Tuesday) at 9:00, the meeting took place in the Meeting Room for the Special Committee on Budget and Accounts of the National Assembly with congratulatory remarks by Mr. Hong Young-pyo, floor leader of the Democratic Party; Mr. Kim Sung-tae, floor leader of the Liberty Korea Party; Mr. Kim Kwan-young, floor leader of the Bareunmirae Party and Mr. Jang Byung-wan, floor leader of the Party for Democracy and Peace, followed by a keynote address by Chief Kim on the ‘Role of the Legislature for Effective Fiscal Governance,’ in which he drew implications from an international comparison on the budget systems of 70 countries, drawing keen attention from the representatives of each country. In the following parliamentary session, members of the Korean National Assembly with expertise in finance such as Mr. Shim Ki-joon, Mr. Kim Jong-seok and Ms. Lee Hye-hoon shared their diverse views with experts from major countries on ways to improve the fiscal system under the agenda item of ‘The Balance of Power between the Executive and the Legislature in the Budget Process’. After the parliamentary session, discussions were held on various fiscal and economic topics throughout a total of nine sessions including ones on ▲the OECD budgeting outlook ▲an analysis of national debt sustainability ▲the introduction of new institutions and updates on model cases in existing institutions and ▲an analysis of the US Congressional Budget Office (CBO) oversight hearings, through the 4th of July (Wednesday) at the Yeoido Kensington Hotel.

 

❑ In addition, on July 5th (Thursday), a tour was arranged for 36 participants from 22 delegations to visit the Joint Security Area (JSA) to reemphasize the Republic of Korea’s status as the only remaining divided country in the world and to offer participants an opportunity to form an accurate understanding of the efforts being made toward achieving peace on the Korean Peninsula.

 

❑ The delegates collectively felt that they were “able to share invaluable experiences and know-how through the international comparisons of the fiscal conditions and budget systems of each country and that it was meaningful to visit the JSA at a time in which the momentum for peace is spreading throughout the Korean Peninsula.” Chief Kim also responded that “it was a meaningful opportunity for representatives of countries with unique budget systems to convene in one place and seek desirable directions for fiscal management, and hope that the visit to Panmunjom, which has been transformed from a symbol of separation to a new milestone for peace, will prompt international public support for the establishment of peace on the Korean peninsula.

 

❑ The 11th OECD PBO-IFIs will be hosted by Portugal in 2019. /End/

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