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