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Designing Menimum-Term Expenditure Framework

Related Document
Frame of Image ty of maintaining fiscal soundness
– slowed economic growth, built-in entitlement
• Growing demand for public spending
– Social welfare for aging population, education, etc
• Demand for more democratized and transparent budgeting process
4
Objectives of MTEF
• Integrating national policy priorities into annual budget
• Providing medium-term perspective on expenditure plan • Enhancing operating efficiency with increased LMs’ discretion over their spending • Strengthening feedback and accountability mechanism by performance management
5
Korea’s Budgeting in the Past
• Centralized and itemized budgeting
– Input- and control-focused, short term budgeting
• High reliance on bottom-up approach • Budget bureau’s deep step-in program budgeting • Lack of macro perspectives • Separated, individual fiscal initiatives
6
Fiscal Reform Efforts
• Strengthen linkage between formulation and execution
• Bring in incentive system for expenditure savings
• Pilot performance-based budgeting
• Introduce double-entry accounting system
• Improve aggregate expenditure control
• Introduce ex-ante evaluation system for major projects
7
National Fiscal Management Plan: Korea’s MTFP
• 2003: Design and preparation of New Public Management reform
– National Fiscal Management Plan(NFMP) – Top-down budgeting, Performance management, Digital budget system, etc
• 2004: Implementation of a series of fiscal reform initiatives
– The first National Fiscal Management Plan(2014-18)
• covers 5 years on a rolling basi


Full Text
Title Designing Menimum-Term Expenditure Framework
Similar Titles
Material Type Proceedings
Author(English)

Roh, Keesung

Author(Korean)

노기성

Date 2014-03
Event

Economic Development Strategy for CIS Countries

Pages 16
Language English
File Type Documents
Original Format pdf
Subject Territorial Development < National Land Development
Holding KDI School of Public Policy and Management