On Wednesday, December 1st, NABO greeted the delegation of the Ministry of Finance and Economy of the Kurdistan Regional Government. It held a meeting to share information on the Korean budget system and the national health insurance system. Seven members of the delegation led by Ms. Sarwen Ismael Ahmed Galali held an in-depth Q&A session with Director Sang-jun Lee of Planning and Budget Division, Budget Analyst Soo-ji Ahn, and Tax Analyst Sun-ah Park regarding the budget process, the role of NABO during the process, and the National Health Insurance’s structure and finance. In addition, NABO and the KRG discussed measures to strengthen cooperation, such as visits and mutual exchange of information.

National Assembly Budget Office held the Grand Debate on the 2021 Tax Reform Proposals online on Monday, November 1st, 2 pm on the third floor of the NABO building to seek proper principles and direction of the National Assembly's examinations on the government and parliamentarians' tax reform proposals. Chief Lim Ik-sang delivered the opening remarks and followed congratulatory remarks by Rep. Yoon Hu-duk, chairman of the Strategy and Finance Committee. President Sung Myung-jae of the Korean Association of Public Finance hosted the debate. Kim Tae-ju, Deputy Minister of the Tax and Customs for the Ministry of Economy and Finance, gave the first presentation elaborating on the main characteristics and details of the 2021 tax reform proposals, including "supporting economic transition as a pace-setter and economic recovery," "reinforcing inclusivity and the foundation for co-existence and fairness," and "creating a tax-payer friendly environment for stable tax revenue." Park Myung-ho, Assistant Chief for Estimates and Tax Analysis Department of NABO, delivered the keynote speech on the second topic. He evaluated that this year's tax law reform proposals focused on expanding tax support for corporate investment. He also emphasized that tax law management strategies, such as enhancing revenue mobilization, are required to prepare for the post-COVID-19 era and respond to population aging, low fertility rate, and other socioeconomic structural changes. In the debate that followed, Executive Secretary of National Assembly's Strategy and Finance Committee, Kim Young-jin (Democratic Party of Korea), positively evaluated the government's tax reform proposal, saying it underpins the economic transition to a pace-setter and help us prepare for the post-COVID-19 era. However, he underscored the importance of tax incentives for semiconductors, batteries, vaccines, and other national strategic industries to secure their competitiveness. He also said that the government shoul...

The National Assembly Budget Office and the Organisation for Economic Co-operation and Development signed a certificate of mutual cooperation on October 27 at the National Assembly Budget Office Building. Before signing the paper, Chief Lim Ik-sang and Mr. Jón R. Blöndal, Head of the Budgeting and Public Expenditures Division at OECD, updated each other recent work in NABO and OECD’s Public Management and Budgeting Division, discussed the role of independent fiscal institutions (IFIs) and parliamentary budget officials (PBOs), and the development of an OECD Asia PBO Network. The contents of the certificate of mutual cooperation include: ● the exchange of knowledge and experience in areas of common interest, ● facilitation of the cooperative activities and human resource exchange, ● and an endeavor to establish the Network of Asian Parliamentary Budget Officials.

The National Assembly Budget Office (Chief Lim Iksang) held a virtual event that celebrated the 18th anniversary of its establishment at 11 am on Tuesday, October 19, 2021. This online event ended successfully, joined by all of the NABO staff who all practiced COVID-19 prevention measures. Speaker Park Byeong-seug shared his words of encouragement. In his speech, he said, “NABO has been faithfully carrying out the examination of the budget and the settlement of accounts since its establishment, and it is now a fiscal institution that represents the country.” “The National Assembly needs full support from NABO to finish the budget process in the stated period of time and make it a tradition,” Speaker Park added. Chief Lim Iksang said in his commemorative speech, “As 18 is the age of adulthood, NABO will continue its effort to become the best fiscal think-tank.” And added, “NABO promises to strongly support the activities of the legislative body while actively responding to the changing environment and respecting the operating principles: expertise, non-partisanship, and objectivity.” After that, Choo Kyung-ho (Rep. of the People Power Party), Yang Kyung-sook, and Choi Hye-young (Both Rep. of the Democratic Party of Korea) were awarded a plaque of merit in the name of the Speaker for their contribution to the strengthening of the status of the National Assembly and the development of NABO with their vigorous legislation activities.

The National Assembly Budget Office (Chief, Lim Iksang) held the 1st meeting of the 9th Budget Policy Advisory Committee and NABO Development Direction Seminar virtually on Tuesday, September 28 at 2 pm. The committee comprises 20 experts in budgeting, economics, science and technology, environment and energy, administrations. This meeting was attended by 17 members who had an in-depth discussion on the operation and development directions for NABO. The meeting started with introducing committee members who was appointed on August 1, 2021. Professor Yeon-seob Ha at Yonsei University was elected as Chairman of the 9th advisory committee. At the following event, the NABO Development Direction Seminar, committee members shared opinions on the development directions for NABO and its role as an independent fiscal institution (IFI). In particular, the members emphasized the need for measures to reinforce NABO’s expertise and independence as one of the top institutions among OECD IFIs. In addition, the committee encouraged producing high-quality reports as NABO’s reputation grows and its research and analyses are utilized home and abroad. As the year 2023 marks the 20th anniversary of the establishment of NABO, the members advised comprehensively assessing the institution and contemplating future directions. At the end of the meeting, Chairman Ha said that the advisory committee would do its best to help NABO perform its essential role in supporting the nation to navigate the crisis and create a sustainable future. [The 9th Budget Policy Advisory Committee Member List (20 members in alphabetical order)] Prof. Yeon-seob Ha at Yonsei University (Chairman), Prof. Byung-yeon Kim at Seoul National University, Prof. Cheol Liu at KDI School, Prof. Dong-hyun Ahn at Seoul National University, Prof. Dong-sung Kong at Sungkyunkwan University, Prof. Ho-jeong Park at Korea University, Prof. Hong-Kyun Kim at Sogang University, Prof. Hun Park at University of Seoul, Prof. Ja-eun...

The National Assembly Budget Office (Chief, Lim Iksang) held the 2021 NABO Budget Policy Symposium on “Budgeting After COVID-19, and the Role of the National Assembly” on Tuesday, July 13. The symposium was in the form of a hybrid webinar where only the emcee, moderator, and some speakers came to the physical event venue, and all of the audience participated online. The visitors followed COVID-19 preventative measures such as checking body temperatures, using a hand sanitizer, and using separate microphones. The symposium started with a congratulatory speech video sent by Park Byeong-seug, Speaker of the National Assembly, an online congratulatory speech delivered by Yoon Hu-deok, Chairman of the Strategy and Finance Committee at the National Assembly, and an opening speech given by Lim Iksang, Chief of NABO. A keynote speech from Ha Yeon-seob, professor of Yonsei University, and two sessions followed. Prof. Ha shared his knowledge on the “Changes in Public Finance and Desirable Budget Conditions in a Post COVID-19 Environment” in his keynote speech. The topic for Session 1 was “Country Case Studies on Fiscal Management and the Roles and Institutions of Parliamentary Systems in a Post COVID-19 Environment.” Session 2 was on the topic of “The National Assembly’s Budget System and the Roles of the National Assembly Budget Office.” In all sessions, meaningful and insightful presentations and discussions took place. In particular, Director Philip Swagel from CBO, Jon Blondal from the OECD, Hong Sukjoon, and Yang Kyungsook, both members of the National Assembly, and other experts from home and abroad graced the symposium with their presence.

On March 26th (Fri), the National Assembly Budget Office(Chief Lim Iksang) conducted an annual consultation with the international credit rating agency Moody’s. This consultation was requested by Moody’s and was held virtually following the concerns over COVID-19. In 2019, Moody’s paid a visit to NABO and discussed Korea’s fiscal environment overall including Korea’s fiscal policy and fiscal soundness. The meeting was attended by Moody's consultation team, including Gene Fang, the Associate Managing Director from Moody’s responsible for sovereign credit ratings in the Asia Pacific Group, and NABO analysts team led by Chun Yongsu, the Director of the Economic Industrial program Evaluation Division. An in-depth discussion took place, centering on the fiscal sustainability in the post-pandemic era, the fiscal effect of the Korean New Deal, and the evaluation of the financial health of public institutions.

The National Assembly Budget Office (Chief, Lim Iksang) held the First Budget Policy Advisory Committee Meeting of 2021 on Tuesday, February 16. This committee meeting was attended by 14 members, including Ha Yeonseob, Chairman of the Budget Policy Advisory Committee.
The advisory committee shared opinions on major fiscal and economic topics of the year and elaborated concrete suggestions on the future direction of NABO. In particular, the members emphasized the need for appropriate scale of fiscal expenditures to support the damage caused by COVID-19 and a long-term analysis and outlook taking changes in population and industrial structure into account. In addition, they evaluated that NABO can actively respond to these issues and play a leading role as a specialized fiscal institution in times where there are economic uncertainties internally and externally.
After completing the advisory committee, the Chief of NABO Lim Iksang, thanked the participants for raising various opinions with interest and support of the institution. He added that he would take every word from the advisory committee into mind as NABO assists the National Assembly to contribute to the economy recovery and pave the way for the future of this country.
The National Assembly Budget Office operates the Budget Policy Advisory Committee composed of experts in fiscal, economy and various fields in accordance with Article 7 of the “National Assembly Budget Office Act”.

The National Assembly Budget Office reported its new year plans to the Speaker of the National Assembly in the conference room at 10 am on Monday, January 25, 2021.
The Chief of NABO, Lim Iksang announced ‘leading the national mid- to long-term agenda and supporting the establishment of future strategies’, ‘advancing support for legislative activities in the fiscal and economic sectors’, and ‘operating future-oriented organization’ as the mission of NABO in 2021. In addition, the National Assembly Budget Office has expressed its ambition to support legislative activities step by step, like a cow's steadfast steps in the year of the cow.
Park Byeongseug, the Speaker of the National Assembly, highly praised the National Assembly Budget Office's new year plan and vision, and expressed his aspiration that, "it is time to break down the walls among the affiliated organizations of the National Assembly and work through mutual cooperation“.

The National Assembly Budget Office (Chief Lim Iksang) held an annual consultation with International Monetary Fund (IMF) mission team on January 20th (Wednesday). This consultation was proposed by IMF and conducted virtually following concerns over COVID-19.
Chief Lim Iksang delivered his opening remarks introducing NABO’s major performances including “Long-Term Fiscal Outlook”; “2021 and Mid-Term Economic Outlook”; budget and settlement analysis reports including reports on four supplementary budget plans. He also expressed that he is looking forward to enhancing the bilateral cooperation between NABO and IMF.
The IMF mission team including Economist Si Guo, discussed topics including long-term fiscal outlook and fiscal rules with Park Myung Ho, the Assistant Chief of Estimates & Tax Analysis Department, Baek Kyungyeop, the Director of Tax Analysis 2 Division and analysts at NABO.