▪ On Jan. 29, 2026, the National Assembly partially amended the National Finance Act to enhance national fiscal management transparency/accountability and strengthen/check functions of parliamentary fiscal monitoring.
▪ Given concerns over expanding fiscal expenditure requirements and increasing national debt caused by rising economic uncertainty and a falling potential growth rate, the National Assembly's fiscal control functions must be strengthened.
▪ Strengthening Effectiveness of National Fiscal Management Plan
▪ Strengthening Transparency and Accountability in Use of Reserve Funds
▪ Refining Details and Grounds for Exemption from Preliminary Feasibility Studies
▪ Enhancing Accuracy and Reliability of Revenue Estimation
▪ Strengthening Transparency and Accountability of Tax Expenditures
▪ The current amendment to the National Finance Act enhances transparency across the entire fiscal management process—from the establishment of mid-term fiscal plans to budget execution and revenue management—and institutionally strengthens the National Assembly's fiscal review function.
▪ To respond to the expansion of national finances and economic uncertainties, a structure must be established where the National Assembly's fiscal control and monitoring functions can effectively operate throughout the entire process of budget formulation, execution, and feedback.
▪ It is necessary to monitor the government's roles and responsibilities regarding the on-site implementation of the recently amended National Finance Act while deepening discussions on the substantialization of budget review and execution control functions corresponding to the expanded fiscal management conditions.