National Finance Act (국가재정법, Act 8050/2006) and Board of Audit and Inspection Act (감사원법, 1987)

South Korea's fiscal framework is anchored in the National Finance Act (NFA, 국가재정법, Act No. 8050/2006), which replaced the pre-reform Budget and Accounts Act and introduced performance-based budgeting, a 5-year medium-term fiscal plan (MTFP), gender-responsive budgeting, and consolidated reporting for 20+ special accounts and ~70 public funds. The NFA was amended in 2020 to add fiscal-rule triggers (60% GDP debt / 3% GDP deficit thresholds). The Board of Audit and Inspection (BAI, 감사원) holds the broadest SAI mandate in the cluster — constitutionally anchored dual mandate covering both financial accounts inspection (Constitution Art. 97) and administrative inspection of executive agency performance. The National Assembly Budget Office (NABO, 국회예산정책처, Act No. 6866/2003) is South Korea's parliamentary budget office and recognized IFI in the OECD IFI Network, with an exclusive legislative cost-estimation mandate since 2015 and 138 staff — a rare institutional feature that significantly elevates the enforcement and oversight score. Procurement transparency is advanced: KONEPS (g2b.go.kr) tracks contracts at transaction level (~50% of Korea's total public procurement value). OBS 2021: Transparency=74, Public Participation=59, Budget Oversight=87 — strongest in the East Asia cluster. OECD member since 1996; no PEFA assessment (consistent with high-income OECD pattern). Currency: KRW.

Transparency Requirements