The Ministry of Strategy and Finance announced on the 26th that it will hold the 11th Korea-OECD International Finance Forum, co-hosted by the Korea Development Institute (KDI) and the Organization for Economic Co-operation and Development (OECD).
The Korea-OECD Financial Forum is an event where budget officials from OECD member countries and domestic and foreign financial experts participate to share each country’s opinions on major financial issues. This time, it will be held for two days from the 26th to the 27th at the JW Marriott Hotel in Seoul.
Starting with an opening speech by Kim Dong-il, Director of the Budget Office at the Ministry of Strategy and Finance, Session 1 continues with presentations and discussions on the topic of ‘Fiscal Sustainability and Fiscal Rules.’
Session 2’s topic is ‘Climate Change Response and Green Budget’, and Session 3’s topic is ‘Structural Reorganization to Improve Fiscal Expenditure Performance’.
In his opening remarks, Director Kim said, “Although each country’s financial indicators have worsened in response to the COVID-19 crisis, the role of finance has become more important in responding to low birth rates and aging, climate change, energy crisis, and digital transformation, and in preparing for changes in the global environment.” “We need sustainable finances to achieve strong economic growth and ease the burden on future generations,” he said.
At the same time, he said, “Continuing from this year, Korea has also firmly maintained a sound fiscal stance in next year’s budget,” adding, “In particular, next year, intensive expenditure restructuring has been carried out, and the saved resources will be used to cover four major areas, including welfare for the weak, future preparation, job creation, and essential national functions.” “We wanted to boldly invest in key areas,” he emphasized.
The Ministry of Strategy and Finance plans to strive to secure fiscal efficiency and sustainability by referring to the policy suggestions of financial experts from major countries discussed at this forum.
(Sejong = News 1)
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