The Ministry of Economy and Finance began as two separate bodies in 1948 when the government of the Republic of Korea was established: the Ministry of Finance, which was responsible for managing financial resources and developing financial, monetary and FX policies, and the Economic Planning Board,which was responsible for planning budgets and economic development.The two bodies were integrated in 1994 to become the Ministry of Finance and Economy.
Later, in response to the financial crisis in 1997, the Ministry was split into the Ministry of Finance and Economy and the Ministry of Planning and Budget. As the necessity grew for economic and tax policies as well as fiscal strategies to be managed together under one roof, the two ministries were combined in 2008 to form the Ministry of Strategy and Finance, which later changed its name to the Ministry of Economy and Finance.
The Ministry is committed to developing a strong economy and building growth engines through the concerted efforts of its offices and bureaus. The Ministry works to ensure macroeconomic and financial stability, effective policy coordination, efficient allocation of national resources, fiscal soundness, rational tax policies, and robust international cooperation.
The Ministry of Economy and Finance is reponsible for Implementing mid- to long-term national growth strategies, Economic and fiscal policy coordination, Budget planning and the monitoring of budget implementation, Efficiently managing fiscal resources such as tax revenue and public funds while working on government accounting and lottery policies, Overseeing the management of public institutions, Establishing policies regarding international financial markets and finacial cooperation, Strengthening economic cooperation with both emerging and advanced economies