The 11th Korea-OECD International Forum on Budgeting
The Ministry of Economy and Finance (MOEF) co-hosted the 11th Korea-OECD International Forum on Budgeting with the Korea Development Institute (KDI) and the Organization for Economic Cooperation and Development (OECD) for two days from September 26 to 27 at the JW Marriott Hotel Seoul.
The Korea-OECD International Forum on Budgeting is a conference where budget officials from OECD member states and domestic and international fiscal experts gather to share best practices and views on key fiscal issues and seek better policy measures.
This forum brings together experts from major countries such as Korea, the US, the UK, Belgium, and Japan and the fiscal experts from the OECD to have discussions under the theme of ‘Fiscal Management for Future Generations’.
Deputy Minister for Budget Dongil Kim noted in his opening remarks that while fiscal status in various countries has deteriorated due to the COVID-19 crisis, the role of fiscal policies has become even more crucial in addressing low birthrate, aging populations, climate change, energy crisis, and digital transformation and complicated global environmental changes. He also highlighted the importance of sustainable budget to achieve strong economic growth and ease burdens of future generations, which is in line with the OECD’s view.
He reaffirmed that the Korean government has maintained a policy stance to pursue fiscal soundness in the 2024 budget proposal as has been done this year; especially for next year, the government plans to conduct a thorough review of all fiscal projects to carry out intensive spending restructuring. The saved budget will then be invested boldly in four key areas: welfare for the vulnerable, future preparation, job creation, and essential roles and functions of the nation.
Furthermore, he added that the government will push for the legislation of fiscal rules to secure fiscal sustainability from a long-term perspective, and all countries should come together to analyze global fiscal demand and its implications as well as share wisdoms to develop response strategies.
Please refer to the attached files.