Former and current heads of financial authorities gathered to discuss fiscal policy, structural reforms, and long-term strategies.
On October 1, the Ministry of Planning and Budget reported that Minister Park Hong-geun held a "Policy Meeting of Former Ministers of the Ministry of Planning and Budget" on September 30 in Seoul.
The event was attended by former Minister Jin Nyeom, the inaugural head of the ministry, along with former ministers Park Bong-heum, Kim Byeong-il, Byeon Yang-kyun, and Jang Byeong-wan, as well as key officials from the Ministry of Economy and Finance.
Before the meeting, Minister Park stated, "Recently, our economy has been recovering thanks to strong semiconductor exports, but we are also facing structural risks such as weakened growth potential and K-shaped polarization. To address this, we are planning proactive and bold investments and structural reforms while also designing for the future beyond 2020."
During the meeting, participants exchanged views on current economic issues, fiscal management directions, and the role of the ministry. Former ministers pointed out the external uncertainties amid the rapid transition to artificial intelligence (AI) and emphasized the need for innovation to lead change during such times.
They urged, "Utilizing the surplus tax revenue from the semiconductor boom as a foundation for a future response fund is precisely what the ministry should do. We ask that you play a role akin to a 'libero' in government, transcending specific fields and departments for national development."
Additionally, there were suggestions that the upcoming reform of educational fiscal grants should ensure balanced budget allocation across early childhood, high school, and lifelong education.
Regarding the future direction of the ministry, they advised strengthening planning functions to prepare for the future, not just focusing on fiscal policy but also on structural reforms. They noted that the interaction between fiscal policy and structural reforms maximizes policy effectiveness, advocating for a balanced approach to planning and budgeting.
Minister Park remarked, "This policy meeting, the first of its kind since the re-establishment of the Ministry of Planning and Budget, has provided an opportunity to reflect on the policies currently being pursued. Based on the experiences and suggestions shared, we will continue to enhance growth drivers and address polarization."
* This article has been translated by AI.
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