Budget Director: "We Must Establish a Foundation for Fiscal Innovation to Prepare for the Post-Corona Era"

The 9th International Finance Forum

[Sejong=Asia Economy Reporter Son Seon-hee] On the 29th, Choi Sang-dae, Director of the Budget Office at the Ministry of Economy and Finance, emphasized, "When the paradigms of the economy and society change, the paradigm of the post-COVID-19 era must also change," adding, "This moment is the time to lay the foundation for fiscal innovation suitable for the new era."

At the opening address of the 9th International Fiscal Forum held on the 29th at the Four Seasons Hotel in Jongno-gu, Seoul, hosted by the Ministry of Economy and Finance and co-organized by the Korea Development Institute (KDI) and the Organisation for Economic Co-operation and Development (OECD), Director Choi stated, "Now, good policies cannot achieve their objectives simply by expanding the scale of investment," and added, "An active fiscal role alone is not sufficient."

He emphasized the conditions for innovation in government fiscal policy, saying, "Fiscal policy during and after the COVID-19 era is not just about quantitative aspects, but about who the policy is for and what it aims to achieve."

Director Choi said, "Digital technology and carbon neutrality are key variables for the future economy and society," adding, "These variables make fiscal authorities, who must lead change, feel a greater sense of responsibility."

Regarding the government's '2050 Carbon Neutrality Strategy,' he said, "Korea has already established a new fiscal foundation," and explained, "The 'Climate Response Fund,' established to transition to a carbon-neutral society, is the starting point." The government has newly established a Climate Response Fund worth approximately 2.5 trillion won in next year's budget.

Additionally, concerning digitalization, he added, "The challenge facing fiscal authorities is to make more investments so that digitalization can be achieved for all people."

The International Fiscal Forum is an annual event where fiscal authorities and experts from major countries and international organizations gather to exchange opinions on fiscal policy trends and development plans. This year, it was held in a hybrid format combining online and offline participation.

The Budget Office of the Ministry of Economy and Finance took this opportunity to publish an English brochure summarizing the fiscal responses to the COVID-19 crisis, including four supplementary budgets totaling 67 trillion won and tailored damage support measures from last year, so that countries around the world can refer to it.

This content was produced with the assistance of AI translation services.