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Performance budgeting in the Republic of Korea

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  • Performance budgeting in the Republic of Korea
  • Park, Nowook
  • The World Bank


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Title Performance budgeting in the Republic of Korea
Similar Titles
Material Type Reports
Author(English)

Park, Nowook

Publisher

[Washington DC]:The World Bank

Date 2013
Series Title; No PREM notes / 28
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Government and Law < Public Administration
Holding The World Bank

Abstract

The government of the Republic of Korea piloted performance budgeting in select ministries in the late 1990s. Although the first attempts failed, the country learned from its mistakes. In 2003, the government introduced a broad package of public financial management reforms, which succeeded in integrating performance management into the budget process. The experience of performance budgeting reforms in Korea underscores the importance of: (i) strong support from top decision makers; (ii) customization of performance budgeting system to accommodate the country’s cultural and socioeconomic characteristics; and (iii) organizational restructuring and capacity building to support the new systems and processes.