NABO signs an MoU with the National Health Insurance Service On Thursday, February 23, the National Assembly Budget Office (Chief Cho Euysup) signed an MoU with the National Health Insurance Service (NHIS, President Kang Do Tae) at the NABO building.This MoU aims to bolster cooperation between the two organizations to enhance the health of the Korean people. NHIS will provide big data related to health and medical care, including those on the national health insurance and long-term care insurance for the elderly, while NABO will share research results obtained from the data and information to help improve the healthcare system.The signing ceremony was attended by Cho Euysup, the Chief of NABO; Lee Jungeun, the Assistant Chief for Estimates and Tax Analysis at NABO; Lee Jin-woo, the Head of Social Cost Estimates Division at NABO; Kang Do Tae, the President of NHIS, and Lee Jung-soo, the Head of Big Data Strategy Department. 2023-02-23

NABO holds a video conference with the OECD Economics Department (Latin America Division) On Friday, February 3, the National Assembly Budget Office (Chief Cho Euysup) and the OECD Economics Department held a video conference to discuss best practices for setting up an independent fiscal council in Latin America.NABO’s experts, including Lee Sangjun, Head of the Planning and Budget Division, and Budget Analyst Kim Yunseong, shared their knowledge and experience with interim Head Alberto González Pandiela, senior economist Paula Garda, and three other economists from the OECD. During the meeting, NABO’s representatives explained the background and growth of NABO to assist the OECD use our experience as a reference for establishing a similar financial council in Latin America.Interim Head Alberto González Pandiela stated that NABO has set a good precedent which would be helpful when establishing independent fiscal councils in Latin America. 2023-02-03

NABO reports its 2023 plans to the Speaker of the National Assembly The National Assembly Budget Office (Chief Cho Euysup) presented the office’s 2023 plans to the Speaker of the National Assembly in the reception room on Thursday, February 2, 2023, at 15:00.Chief Cho emphasized that, as NABO celebrates its 20th anniversary this year, it will transform into a fiscal think tank that brings new hope to the public. NABO has set its sights on 2023, its 20th anniversary, as the year of leapfrogging to drive change and prepare for the future. Its top priorities are "leading the agenda to address the challenges of our time," "strengthening fiscal control for a capable democracy," and "building the foundation for a new leap forward." Accordingly, NABO will focus on analyzing major issues such as pensions and the cost-of-living/economic crisis, strengthening the analysis of fiscal aggregates, supporting early settlement, and improving the accuracy of economic and tax revenue forecasts. NABO will also develop a new strategy and conduct business reorganization in response to environmental changes.Upon receiving the report from NABO, Speaker Kim Jin-pyo urged for the plan to be implemented seamlessly. He also suggested that efforts be made to enhance the accuracy of tax estimates and improve the utilization of cost estimates in the legislative process. 2023-02-02

NABO and KAPA sign a MoU On Thursday, January 26, the National Assembly Budget Office (Chief Cho Euysup) and the Korean Association for Public Administration (President Lee Dougro) signed a Memorandum of Understanding (MoU) at the NABO building.This MoU aims to enhance Korea’s economic development through close cooperation on budget, accounts, funding, and fiscal management policies. The two organizations will collaborate on joint responses to national concerns such as pension reform, exchange expert information, establish collaborative systems, evaluate fiscal and budget policies, and possibly hold joint conferences.The signing ceremony was attended by top officials from both organizations, including Cho Euysup (Chief of NABO), Lee Dougro (President of KAPA), Lee Yangsung (Assistant Chief for Planning and Management at NABO), Kim Taeil (Special Chairman of the National Pension Fund Committee at KAPA), Oh Youngmin (Co-chairman of the Budget Finance Forum at KAPA), Ha Hyunsang (General Secretary at KAPA), and Im Dongwan (Professor at Dankook University). KAPA is the largest public administration association in Korea, with over 1,800 individual members and 80 institutional members. The organization regularly holds administrative conferences and lectures, conducts policy research on administrative issues, and publishes journals. 2023-01-26

NABO holds a charity event: making and sharing Korean rice cake In celebrating the year’s end, the National Assembly Budget Office (Chief Cho Euysup) visited a social enterprise to support people with disabilities in production jobs and facility workers.On Wednesday, December 21, Chief Cho and over 40 employees visited the Samsung Welfare Foundation in Dongjak-gu, Seoul to hear about the challenges they face and provide a grant and other items to the Samsung Tteok Prince, the foundation’s rice cake business which employs disabled individuals. Chief and staff of NABO made rice cakes with workers with disabilities and shared those with nearby children and elderly welfare facilities.“Today’s event was more meaningful since it is the first charity event in threeyears due to COVID-19. Going forward, NABO will practice the value of sharing and fulfill its social responsibility through regular charity events for marginalized groups,” said Chief Cho at the end of the event.※Samsung Welfare Foundation: A social enterprise established in 1957. It has supported the social adaptation of people with disabilities, provided jobs for them, and contributed to its communities through Seoul Samsung School (a special school for the deaf), Samsung Sorisaem (a community rehabilitation facility for people with disabilities), Samsung Tteok prince (vocational rehabilitation facility/social enterprise), and seven other affiliated organizations. 2022-12-21

NABO holds the 2022 annual consultation with AMRO On Thursday, December 8, the National Assembly Budget Office (Chief Cho Euysup) held an annual consultation with the ASEAN +3 Macroeconomic Research Office (AMRO) to discuss economic trends and prospects in Korea.The meeting was attended by seven members from AMRO, including Director Li Kouqing and consultation team head Kevin, C. Cheng, as well as five representatives from NABO, including Assistant Chief for Planning and Management Im Myunghyun, Director of Tax Analysis 2 Division Baek Kyung Yeop, and Director of Macroeconomic Analysis Division Choi Young-il. During the consultation, the participants discussed the 2022 budget operation and tax reform, the 2023 budget proposal, and fiscal rules.AMRO Director Kouqing said, “We are pleased to hear from experts at NABO about Korea’s financial situation and risk management, and it would assist in understanding and forecasting the economic situation in Korea.”AMRO, which is based in Singapore, is an international organization comprising Korea, China, Japan, and 10 ASEAN countries (Laos, Malaysia, Myanmar, Vietnam, Brunei, Singapore, Indonesia, Cambodia, Thailand, the Philippines), with the goal of conducting macroeconomic and fiscal surveillance and preventing crises in the region. NABO has been holding annual consultations since 2017 at the organization’s request. 2022-12-08

NABO meets the SCOA and PBO of the Parliament of the Republic of South Africa The National Assembly Budget Office (Chief Cho Euysup) had a meeting with the Director of the Parliamentary Budget Office (PBO) and the Standing Committee on Appropriations (SCOA) of the Parliament of South Africa. Chief Cho welcomed a delegation of 16 people, including the PBO Director Dumisani Jantjies and the Chairperson of SCOA, Mr. Sfiso Buthelezi, and discussed the role and work of NABO, as well as economic and fiscal issues in both countries.Director Jantjies said that the South African PBO had gained valuable insights from the work of NABO and expressed hope for identifying common interests, sharing cost estimation and analysis techniques, and maintaining a solid relationship between the two organizations in the future. 2022-12-07

NABO Essay Competition Awards Ceremony The National Assembly Budget Office (Chief Cho Euysup) held an award ceremony on Thursday, December 1 at Uijeongkwan for the essay competition on Causes of and Policy Responses to Low Fertility.The competition, which was open to undergraduate and graduate students, aimed to increase awareness and interest in the issue of low fertility in Korea and foster a research-oriented atmosphere.The first prize was awarded to Shin Jung-wook, while the second prize was shared by Kang Hyun-seok and Park Sang-hyun. The third prize was awarded to a group of three winners: Lee Yoon-jin, Park Seo-hyun, and Choi Ha-young. In his remarks, Chief Cho praised that this competition has been a valuable opportunity to facilitate discussions and exchange ideas on low fertility. "It is crucial to find ways to engage with and address social issues, and this competition has provided a valuable platform for doing so,” he said. 2022-12-01

NABO meets the Head of the Legal, Legislative, and Research Services of the Austrian Parliament The National Assembly Budget Office (Chief Cho Euysup) met with the head of the legal, legislative, and research services of the Austrian Parliament, Ms. Gerlinde Wagner, on Wednesday, November 23.Ms. Wagner highly praised NABO's objective and professional work and its legal right to access information. She hoped that the parliamentary budget office under the legal, legislative, and research services also plays a bigger role in major issues, such as green budgeting. She also suggested strengthening practical cooperation between NABO and the Austrian Parliamentary Administration, such as mutual expert exchanges.Then, Director Wagner and NABO shared the work and issues of both agencies and discussed specific ways to strengthen cooperation. From NABO, Assistant Chief of Planning and Management In Myunghyun, Team Head of Public Relations and Communications Oh Eunsun, and expert staff Yoon Haesook participated in the meeting. 2022-11-23

NABO signs an MoU with the National Research Council for Economics, Humanities, and Social Sciences The National Assembly Budget Office (Chief Cho Euysup) signed a memorandum of understanding (MoU) with the National Research Council for Economics, Humanities and Social Sciences (NRC, Chairperson Jung Hae-Gu) on Monday, November 21, at the National Assembly Budget Office Building.The purpose of the MoU is to contribute to Korea's economic development through close cooperation when establishing policies on the national budget, account settlements, and funds, as well as fiscal management.The two organizations promised to cooperate in the policy suggestions for the development of the economics and humanities sector, build systems for expert information sharing and collaboration between NABO and NRC/related research institutions, support cooperation in research/planning/assessment of the economics and humanities sector, run expert exchange programs linked with budget and account settlement policies.From NRC, Chairperson Jung Hae-Gu, Secretary-General Hong Il-pyo, and National Strategy Research Center Vice Director Youn Doo Sup joined the ceremony. NRC is a public entity that supports Korea's research community and knowledge industry by supporting, fostering, and systematically managing 26 government-funded research institutes in the areas of economics, humanities, and social sciences, such as the Korea Development Institute and Korea Institute of Public Finance. 2022-11-21