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Ministry of Strategy and Finance of the Republic o : Korea Places Eighth Out of 100 Countries in IBP Survey, First in Public Engagement

01/22/2013 | 08:46pm EDT

?Korea Ranks 8th out of 100 in IBP Survey, First in Public Engagement

Korea was ranked 8th out of 100 countries surveyed in the 2012 Open Budget Index (OBI), a survey conducted by the International Budget Partnership. Korea's ranking rose two places since the last survey conducted in 2010. Korea's OPI numbers were consistent with other major OECD countries, including the United Kingdom (3rd), France (6th), the United States (7th) and Germany (13th)

*International Budget Partnership: IBP, the NGO established in 1997, conducts surveys, analysis, and evaluation based on
fiscal transparency criteria, one of which is the Open Budget Survey.

OECD countries ranked well overall led by New Zealand (1), South Africa (2), The United Kingdom (3), Sweden (4), Norway (5), France (6), the United States (7), Germany (13), and China (86).

Korea scored the highest in the 'public participation in the budget process' category, a category that was newly introduced in 2012. Korea received a score of 92 in this category, a higher score than the United States (58), The United Kingdom (56), France (42), Germany (22), and China (14).

The IBP recognized Korea's efforts in this area, noting that several measures are being implemented to boost public engagement in Korea, including on-site inspections, an open forum for fiscal operation planning, fiscal policy consultation meetings, and local fiscal meetings.

The Korean government will continue to work to improve fiscal transparency and fiscal operation efficiency by increasing communication and strengthening cooperation during the budget process.

Please refer to the attached PDF.

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