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

NABO Holds the 2nd Meeting of the 10th Budget Policy Advisory Committee The National Assembly Budget Office held the second meeting of its 10th Budget Policy Advisory Committee on Tuesday, June 25. The meeting was attended by 13 advisory committee members, including Chairman Deokro Lee.The focus of the meeting was on improving fiscal, tax, and economic policies for the 22nd National Assembly. The advisors discussed several key policy areas, including fiscal and taxation strategies, climate change response, addressing low birth rates and aging population issues, social security and pension reform, and growth of new industries.NABO Chief Euysup Cho stated, "With the opening of the 22nd National Assembly, NABO is committed to enhancing its expertise as a fiscal institution and strengthening its capacitiy to support legislative processes." 2024-06-25

NABO Meets with Philippine Local Governors’ Study Mission Team On Tuesday, June 4, the National Assembly Budget Office (NABO) had a meeting with a visiting delegation from the Philippines.The meeting was attended by 27 Philippine vice governors, including Vice Governor Katherine C. Agapay, along with staff members from the Development Academy of the Philippines (DAP) and KDI School of Public Policy and Management. Representing NABO were Chief Euysup Cho, Assistant Chief Yangsung Lee, Tax Analysis Counsel Hyejeong Sim, and and Program Evaluation Counsel Yongsu Chun.NABO and the Philippine delegation exchanged views on various topics, including budgeting processes, account settlement, fiscal management procedures, efficient institutional management, maintaining independence in operations, and efficient recruitment strategies. Both parties agreed to continue their exchange in the future. 2024-06-04

NABO Meets with the Thai Delegation On June 3, 2018, the National Assembly Budget Office (NABO) had a meeting with a delegation from the Committee on Budget Study and Budget Administration of the Thai House of Representatives.The meeting was attended by 17 members of the Thai delegation, including Chairman Natthaphong Ruengpanyawut and Vice Chairman Surachet Pravinvongvuth. Representing NABO were Chief Euysup Cho, Assistant Chief Yangsung Lee, Tax Analysis Counsel Hyejeong Sim, and Proram Evaluation Counsel Yongsu Chun.The two groups engaged in in-depth discussions on several topics, including the role of parliamentary budget officials in the budget process, the current status of the cost estimation system, timing and methods for providing economic forecasts, and recruitment strategies and personnel management. Both parties agreed to continue their close collaboration through the Asian Parliamentary Budget Officials Network. 2024-06-03

The 2nd NABO-OECD Annual Conference of Asian Parliamentary Budget Officials The National Assembly Budget Office hosted the opening ceremony of the 2nd NABO-OECD Annual Conference of Asian Parliamentary Budget Officials (PBOs) in collaboration with the Organization for Economic Cooperation and Development (OECD) at 9:30 a.m. on Thursday, April 25, in Conference Room 1 of the National Assembly Members’ Office Building. The conference ran until Friday, April 26, with the theme of "The Budget Process and the Role of Parliament." In his opening remarks, Mr. Euysup Cho, Chief of NABO, expressed his hope that the conference would serve as an opportunity to enhance the effectiveness of parliamentary support activities by examining the budget process and the role of PBOs in each country. In his congratulatory remarks, Mr. Kim Jin-pyo, Speaker of the National Assembly of Korea, emphasized the importance of PBOs in the budget process and expressed his hope for the growth of the Asian PBOs network through in-depth discussions among participating nations. The event included a keynote speech by Mr. Mark Hadley, Chair of the OECD PBOs Network, and a panel discussion moderated by Chief Cho. Following the keynote, a panel discussion featured Mr. Jon Blondal, Head of Public Management and Budgeting Division at the OECD, Ms. Chanthy Nop, Director of the Cambodian Senate’s Research Department, and Ms. Chrysanthe Psychogios, Assistant Parliamentary Budget Officer at the Australian PBO. They discussed the role of PBOs in supporting rational decision-making and enhancing parliamentary effectiveness. During the afternoon session, participants engaged in in-depth discussions on (1) the role of parliaments and PBOs in budget formulation and deliberation, (2) strategies to strengthen PBOs’ capacity to establish fiscal competence, and (3) the development of a cost estimation system to support rational decision-making. "We hope that the various cases and discussions presented at this second annual conference will provide valuable for the work of PBOs in each country, and we remain committed to expanding the Asian PBO network through close cooperation with the OECD and participating countries," stated Chief Cho. 2024-04-25

Meeting with the Organization for Economic Cooperation and Development (OECD) Mission Team The National Assembly Budget Office held a meeting with a mission team from the Organization for Economic Cooperation and Development (OECD) to deliberate on South Korea’s fiscal policy and the challenges posed by demographic changes on Tuesday, March 26.The meeting was marked by the presence of four OECD delegates, including Vincent Koen, Country Studies Division Chief, and Jon Pareliussen, Head of the Korea/Sweden Desk. Representing NABO were Cheol-min Choi, Head of the Budget Analysis Coordination Division; Young-il Choi, Head of the Macro-Economic Analysis Division; and Jae-yeon Byun, Head of the Economic Industrial Program Evaluation Division. They contributed insights on various fiscal and economic topics, such as the implementation of fiscal rules, the fiscal policy framework, and low fertility budgets.The OECD mission team expressed their appreciation for gaining a deeper understanding of NABO’s perspective on these crucial issues. They further noted the importance of NABO’s role as an independent fiscal body in overseeing adherence to fiscal rules in the future. 2024-03-26

Joint Seminar by NABO and KAPF The National Assembly Budget Office and the Korean Association of Public Finance hosted a joint seminar on Friday, March 22.Aiming to foster stronger ties and cooperation between the two entities, this event served as a platform for sharing NABO’s practical experience and KAPF’s research findings. The seminar saw the participation of Euysup Cho, the Chief of NABO, and Chul-In Lee, the President of the KAPF.The event featured presentations by several esteemed speakers: Cheol-min Choi, head of the Budget Analysis Coordination Division at NABO; Jin-woo Lee, head of the Social Cost Estimates Division at NABO; Heon-jae Song, a professor at University of Seoul; and Sung-hwan Kim, associate research fellow at the Korea Institute for Foreign Economic Policy. The discussions covered a wide range of topics, including the National Assembly's right to deliberate on budget and accounts, the utilization of the bill cost estimation system, the impact of expected national pension income on children's private education costs, and the implications of student debt relief programs."We are pleased to have the opportunity to share our knowledge andexperiences through this joint seminar," said Chief Cho. “We look forward to fostering ongoing exchanges and collaborations, contributing to the mutual development of both organizations." 2024-03-22