Working Meeting with OECD Head of Budgeting and Public Expenditures Division On Friday, November 22, the National Assembly Budget Office (NABO) held a working meeting with Mr. Jón R. Blöndal, Head of Budgeting and Public Expenditures Division at the OECD.During the meeting, NABO and the OECD shared updates on their major projects and engaged in discussions about global public finance and economic outlook, with a specific focus on Korea. They also reviewed the schedule and topics for the 17th Annual Meeting of the OECD Working Party for Independent Fiscal Institutions (IFIs) and Parliamentary Budget Officials (PBOs), which NABO attends annually, as well as the schedule and agenda for next year's Asian Network of PBOs meeting, which is jointly organized by NABO and the OECD.NABO’s Chief Chi expressed gratitude to Mr. Jón R. Blöndal for his significant contributions to exchanges and cooperation between NABO and the OECD. In response, Mr. Blöndal acknowledged NABO's co-chairmanship of the Asian Network of PBOs, praising its role in bridging OECD and non-OECD countries in the region, and expressed his enthusiasm for continued close collaboration with NABO in the future. 2024-11-22

NABO Holds Annual Consultation with AMRO The National Assembly Budget Office (Chief Dongha Chi) held its annual consultation with the ASEAN+3 Macroeconomic Research Office (AMRO) on Thursday, November 21. AMRO is an international organization headquartered in Singapore, comprising ten ASEAN nations (Laos, Malaysia, Myanmar, Vietnam, Brunei, Singapore, Indonesia, Cambodia, Thailand, the Philippines), along with Korea, China, and Japan. The organization focuses on macroeconomic monitoring and crisis prevention in the region and conducts annual consultations with member countries to review their fiscal and economic trends.Kyungyeop Baek, Director of Tax Analysis Division 2 of the NABO, and Sumio Ishikawa, Mission Chief, led the meeting. The consultation covered several key topics. including Korea`s revenue deficit and response measures, major tax law amendments for 2024, revenue projections for 2025, national and public corporation debt issues, and the government`s pension reform plan. The AMRO mission team emphasized the importance of establishing preliminary guidelines for addressing revenue deficits, while NABO acknowledged that certain procedures, including consultation with the National Assembly, should be part of the government`s response to such deficits.AMRO Mission Chief Sumio Ishikawa expressed gratitude for the valuable insights provided by NABO`s experts on Korea`s economic issues and voiced his commitment to strengthening future collaboration and exchanges between the two institutions. 2024-11-21

NABO Conducts Annual Consultation with the IMF The National Assembly Budget Office (Chief Dongha Chi) held its annual consultative meeting with the International Monetary Fund (IMF) on Thursday, November 14, in compliance with Article IV of the IMF’s Articles of Agreement. This annual consultation process is a standard procedure through which the IMF engages with member countries to discuss broader economic matters, including macroeconomic, foreign exchange, and financial issues.The meeting was attended by Hyejeong Sim, Tax Analysis Counsel at NABO, and Mr. Rahul Anand, Mission Chief for Korea at the IMF among others.NABO and the IMF had in-depth discussions on short-term financial issues such as Korea's fiscal outlook, tax revenue deficit, and the direction of the 2025 budget, as well as long-term financial issues such as fiscal rules and pension reform, health insurance and pension financial prospects, and tax revenue expansion.NABO and the IMF exchanged detailed opinions on the government's tax deficit and its underlying causes, discrepancies between the government and NABO’s forecast on the managed fiscal balance, the need for tax base expansion and spending restructuring, and the government's pension reform plan.Upon the meeting’s conclusion, Mr. Rahul Anand, leading the mission team, expressed satisfaction with the substantive discussions. He highlighted the value of hearing diverse expert perspectives from NABO regarding Korea’s fiscal situation and emphasized his hope for continued dialogue and communication in future consultations. 2024-11-14

NABO Holds the Grand Debate on the 2024 Tax Reform Proposals The National Assembly Budget Office (Chief Dongha Chi) convened the Grand Debate on the 2024 Tax Reform Proposals on Friday, November 8th at 10 a.m. in Conference Room 1 of the Members’ Office Building. The event was specifically designed to discuss major issues and improvement tasks related to tax reform proposals.In his opening remarks, Chief Dongha Chi emphasized the critical role of tax policy in rejuvenating the Korean economy and establishment a stable fiscal base. He expressed hope that the debate would serve as a constructive platform for exchanging in-depth opinions on tax reform proposals and identifying optimal policy directions.National Assembly Speaker Wonshik Woo, through a written encouragement speech, highlighted the significance of the tax reform proposals. He stressed that tax revenue serves as a crucial funding source for government policies and expressed his desire that the public’s voice would be faithfully reflected in the legislative process. This sentiment was particularly noteworthy as vice chair-people from both the ruling and opposition parties of the Strategy and Finance Committee participated as discussants.Rep. Eon-seok Song, chairman of the Strategy and Finance Committee, delivered a congratulatory speech addressing the pressing social structural challenges facing Korea, includinglow birth rates, an aging population, and the ongoing regtional extinction crisis. He emphasized the necessity of developing market-oriented solutions to boost both the economy and people`s livelihoods. As committee chairman, he pledged to diligently review tax reform proposals to establish a more reasonable tax system.The debate was moderated by Professor Jungsoo Park from the Department of Public Administration at Ewha Womans University. Presentations were delivered byJeonghoon Jeong, Deputy Minister of Tax and Customs for the Ministry of Economy and Finance, and Jiwon Sang, Assistant Chief for Estimation and Tax Analysis at NABO. The discussion panel included Vice Chairpeople of Strategy and Finance Committee, Democratic Party Rep. Tae-ho Jung and People Power Party Rep. Soo-young Park; Rebuilding Korea Party Rep. Gyu-geun Cha, Member of the Strategy and Finance Committee; New Reform Party Rep. Ha-ram Chun, Member of the Strategy and Finance Committee; Professor Hyun-dong Kim from the Department of Business Administration at Pai Chai University; and Professor Woo-chul Kim from the Department of Tax Administration at University of Seoul.Concluding the event, Chief Chi expressed his expectation that the diverse opinions raised during the Grand Debate on 2024 Tax Reform Proposals would prove instrumental in the subsequent deliberations on tax law amendments at the National Assembly. 2024-11-08

NABO Holds Grand Debate on the 2025 Budget Bill The National Assembly Budget Office (NABO, Chief Dong-ha Chi) held its Grand Debate on the 2025 Budget Bill on Tuesday, November 5, at 10 am in Conference Room 1 of the National Assembly Members’ Building. The debate aimed to establish proper directions for the National Assembly’s examination of the government’s budget proposal.In his opening remarks, Chief Chi expressed his expectations for the debate to highlight key issues for upcoming budget deliberations and to clarify the directions for both ruling and opposition parties. He emphasized the importance of gathering diverse perspectives on fiscal policy for stabilizing people’s lives, evaluating the effectiveness of major fiscal projects, and ensuring fiscal soundness to explore constructive alternatives for next year's national finances. Speaker Won-shik Woo, in his written address, highlighted three critical challenges: the population crisis, rural extinction crisis, and climate crisis. He emphasized the necessity of establishing a sustainable virtuous cycle by expanding the tax base to meet growing expenditure needs, while ensuring sophisticated tax revenue estimates to overcome these national crises. Speaker Woo called upon both ruling and opposition parties to take responsibility and make special efforts that meet public expectations in this first budget deliberation of the 22nd National Assembly.Jung Park, chairman of the Special Committee on Budget and Accounts, acknowledged the challenging economic and fiscal conditions but stressed the crucial role of finance. He pledged that the committee, through budget deliberations beginning on the 7th, would work diligently to minimize fiscal waste and effectively reallocate the saved resources to areas critical for stabilizing people’s lives and strengthening national competitiveness. The debate was moderated by Professor Yoon-hee Won of the University of Seoul. Presentations were delivered by Dong-il Kim, Deputy Minister for the Budget Office of the Ministry of Economy and Finance, and Kyung-ho Kim, Assistant Chief for Budget Analysis at NABO. The discussions panel included Professor Deok-hyun Ryu of Chung-Ang University and Professor Byung-hoon Seok of Ewha Womans University. In conclusion, Chief Chi expressed he hopes that the insights from this Grand Debate would be effectively utilized in the budget review processby the National Assembly's standing committees and the Special Committee on Budget and Accounts. 2024-11-05

Chi Dongha Takes Office as 11th Chief of NABO Chi Dongha was formally inaugurated as the 11th Chief of the National Assembly Budget Office (NABO) in a ceremony held on Friday, November 1st, 2024, at the National Assembly Annex Building (Uijeonggwan). His appointment, following an open recruitment process, was approved by the House Steering Committee of the National Assembly on October 31st. On the same day, National Assembly Speaker Woo Won-shik presented him with the official letter of appointment.Chief Chi holds a bachelor`s degree in economics from Seoul National University, where he also earned his master’s degree in public administration. He furthered his education with a master’s degree in economics from Texas A&M University in the United States and complete his doctoral program in science and technology policy at Hanyang University.With a distinguished career spanning 28 years in public service, Chief Chi entered the legislative shpere after passing the 14th legislative examination in 1996. Since then, he has served the National Assembly for 28 years as Planning and Budget Officer at National Assembly Secretariat (NAS); Inspector General of NAS; Assistant Chief for Economic Analysis at NABO; Deputy Chief of Staff for the Trade, Industry, Energy, SMEs, and Startups Committee; and Chief of Staff both for the Foreign Affairs and Unification Committee and the Special Committee on Budget and Accounts.During his inauguration address, Chief Chi outlined his vision pledging to “strengthen fiscal aggregates analysis, enhance objectivity and expertise in fiscal forecasting, and reinforce integration between economic analysis and fiscal project evaluation.” He emphasized his commitment to “lead by example in advancing NABO’s development more proactively than ever before.” 2024-11-01

Meeting with the Special Committee on Budget and Account of the Chungcheongnam-do Council On Tuesday, September 24, the National Assembly Budget Office (NABO) held a meeting with a delegation from the Special Committee on Budget and Account of theChungcheongnam-do Council.The visiting group comprised sixteen members, including Park Jeong-sik, chairman of the Special Committee on Budget and Account, and committee member Kim Ki-Seo. Representing NABO were Kim Kyungho, Acting Chief; Chong Seunghwan, Assistant Chief for Planning and Management; Park Joo-yeon, Head of the Planning and Budget Division; and Lee Jong-gu, Head of the Administrative Budget Analysis Division.During the meeting, NABO and the Special Committee shared the experiences and expertise in budget and settlement examinations. They engaged in in-depth discussions on ways to improve the quality of these examinations and agreed to continue working closely together in the future. 2024-09-24

NABO Meets with French Senate Finance Committee On Tuesday, September 10, the National Assembly Budget Office (NABO) held a meeting with a visiting delegation from the French Senate Finance Committee.The meeting was attended by nine members of the delegation, including President Claude Raynal and Vice-President Thierry Cozic. NABO was represented by Ick Jin, Assistant Chief for Economic Analysis, and Seunghwan Chong, Assistant Chief for Planning and Management.As France does not have an independent parliamentary budget office, the French Finance Committee expressed significant interest in NABO’s role. The committee engaged in in-depth discussions with NABO on various areas, including NABO’s role in the budget review process, cost estimation and revenue estimation operations, and the parliamentary research and analysis system. Both institutions have committed to continuing close collaboration in the future. 2024-09-10

NABO reports its plans to the Speaker of the National Assembly The National Assembly Budget Office (NABO) presented its plans to the Speaker of the National Assembly in the reception room at 9:30 am on Tuesday, August 20, 2024.Chief Cho Euysup stated that NABO will fulfill its duties as the guardian of national finances and the guide for national policy, ensuring that the 22nd National Assembly can serve as a pillar of support for the Korean people. NABO announced its goal of securing policy leadership for the National Assembly to overcome economic, demographic, and climate crises. The office outlined major program plans, including “conducting key research projects to address urgent national issues,” “strengthening legislative support to reinforce the National Assembly’s control over the national finances,” and “building a foundation to improve policy capacity.”After receiving the work report, National Assembly Speaker Woo Won-shik emphasized, “It is essential to provide practical support for the National Assembly’s deliberation on the national budget and account settlement through in-depth analysis of these financial documents.” 2024-08-20

NABO holds the Fiscal and Economic Grand Debate to Commemorate the Opening of the 22nd National Assembly The National Assembly Budget Office (NABO) held the Fiscal and Economic Grand Debate to Commemorate the Opening of the 22nd National Assembly on Tuesday, July 16, at 9:30 a.m. in Conference Room 1 of the National Assembly Members’ Building. The event focused on “Economic and Social Changes and Fiscal and Economic Policy Challenges.” NABO jointly organized the debate with four academic societies: the Korean Economic Association, the Korean Academic Society of Taxation, the Korean Association of Public Finance, and the Korean Association for Public Administration. The aim was to discuss future fiscal and economic policy challenges based on the current state and prospects of the Korean economy and society, and to gather diverse opinions from various sectors.During the opening ceremony, Professor Emeritus Kim Jung-sik of Yonsei University delivered a keynote speech. He diagnosed that Korea's economy has recently fallen into a low-growth trap and emphasized the need for institutional reform as a crucial factor for economic growth. He suggested tasks such as “strengthening industrial competitiveness through new industrial policies,” “institutional reform in line with global standards,” and “reducing economic inequality through fair institutional choices.” The first session, “Policy Issues to Restore the Growth Potential of Korea's Economy,” was moderated by Professor Lee Jong-hwa of Korea University (Korean Economic Association). Professor Chun Hyun-bae of Sogang University and Deputy Director Cho Tae-hyoung of the Bank of Korea's Economic Research Institute presented. The discussion panel included Jin Ick, Assistant Chief for Economic Analysis at NABO, Professor Kwon Nam-hoon of Konkuk University, Dr. Cho Jae-han, Head of Industrial Innovation Policy Division at the Korea Institute for Industrial Economics and Trade, and Park Chun-woong, President of CFA Korea.Session 2, “Fiscal Policy Challenges in Response to the Declining Birthrate and Aging Population,” was moderated by Professor Lee Deok-ro of Sejong University (Korean Association for Public Administration). Kim Kyung-ho, Assistant Chief for Budget Analysis at NABO, and Han Sung-min, Head of Public Investment Policy Division at KDI, delivered remarks. The discussion featured Professor Seong Si-kyung of Dankook University, Professor Lee Sock-hwan of Hanyang University, Economist Sung Won at the Economic Research Institute of the BoK, and Director Cho Sung-rae of Evaluation and Analysis Division at the Presidential Committee on Ageing Society and Population Policy.Session 3, “Economic and Social Changes and Tax Policy Challenges,” was moderated by Professor Hong Jong-ho of Seoul National University (Korean Association of Public Finance). Sim Hye-jeong, Tax Analysis Counsel at NABO, and Jeon Byeong-mok, Senior Auditor at the Industrial Bank of Korea presented. The discussion panel included Professor Lee Chul-in of Seoul National University, Professor Lee Seong-bong of Seoul Women's University, Oh Jong-hyun, Head of Tax Policy Research at the Korea Institute of Public Finance, and Cho Man-hee, Income and Corporate Tax Policy Officer at the Ministry of Economy and Finance.The Grand Debate provided a comprehensive platform to discuss critical issues facing the new National Assembly. These included the causes of low growth in the Korean economy and strategies for recovery, methods to increase industrial and corporate productivity, responses to population and climate crises, effective financial management in the face of a declining birthrate and aging population, and improvements to the tax system for financial stability. 2024-07-16