Transparency (Open Budget Index) 65/100
The Government of South Korea provides the public with substantial budget information.
Public Participation 83/100
The Government of South Korea provides the public with adequate opportunities to engage in the budget process.
By legislature 73/100
Budget oversight by the legislature in South Korea is adequate.
By auditor 50/100
Budget oversight by the supreme audit institution in South Korea is limited.
South Korea should prioritize the following actions to improve budget transparency:
- Produce and publish a Mid-Year Review.
- Increase the comprehensiveness of the Executive’s Budget Proposal by, for example, presenting more details on the classification of expenditures for future years and the classification of revenues for prior years.
- Increase the comprehensiveness of the Pre-Budget Statement.
South Korea should prioritize the following actions to improve budget participation:
- Hold legislative hearings to review and scrutinize Audit Reports.
South Korea should prioritize the following actions to strengthen budget oversight:
- Ensure the Executive’s Budget Proposal is approved by legislators at least one month before the start of the budget year.
- In both law and practice, ensure the legislature is consulted prior to the spending of contingency funds that were not identified in the Enacted Budget.
- Require legislative or judicial approval to remove the head of the supreme audit institution.