Minister Park Hong-keun Announces Task Force for Fiscal Performance Management

Park Hong-keun, Minister of the Ministry of Strategy and Finance, announced on July 1 that a task force will be established to improve fiscal and fund performance management, with plans to develop a "second basic plan for performance management" by the end of the year.

During a meeting with fiscal performance management experts at the Government Seoul Complex, Minister Park sought input to enhance the performance management system.

Participants noted that the "integrated fiscal project performance evaluation" introduced by the ministry this year has contributed to fiscal efficiency. They suggested that to increase the effectiveness of evaluation results and prevent redundant assessments, there should be a stronger integration with evaluations of fiscal projects conducted by various departments under specific laws.

To address the shortcomings of individual project evaluations, it was proposed to strengthen connections with in-depth evaluations conducted at the project group level.

The need for improvements in performance goal management and the fund evaluation system was also highlighted. These systems, introduced in the early to mid-2000s, are somewhat outdated given the current economic conditions. Suggestions included making information more accessible and actionable to ensure the effectiveness of fund evaluation results.

Starting this month, the ministry will operate a dedicated task force for performance management, divided into three teams: the Fiscal Project Evaluation Team, the Performance Goal Management Team, and the Fund Evaluation Team, to develop institutional improvements. Additionally, a diagnostic team will be formed to assess the integrated fiscal project evaluation.

Through these efforts, the ministry aims to create complementary measures for the performance management system and establish a "second basic plan for performance management (2027-2030)" that includes a long-term vision by the end of this year.

Minister Park stated, "Based on the feedback gathered during the meeting, we will operate the 'Performance Management Improvement Task Force' to derive preliminary measures for overall fiscal and fund performance management. I urge that the three pillars of fiscal performance management—fiscal project performance evaluation, performance goal management, and fund evaluation—be reformed to enhance reliability and effectiveness."

* This article has been translated by AI.