Recently Korean economy faces various challenges. There are economic slowdown and prices raise by unstable international financial markets and the prices raise, such as crude oil, aggravating economic conditions especially for low and middle income classes and small and medium sized firms.

In order to overcome these challenges and improve economic vitality, national finance is required to be handled more efficiently. Furthermore, national finance system should be reorganized aiming at supporting stable economic growth and illuminating various unreasonable factors through improvement of law related to finance. Most importantly, inefficiency and squandering expenditure in public sector should be adjusted while autonomy in private sector should be strengthened through regulation reform. Moreover, financial sustainability and social security net for stabilization of people’s livelihood should be improved.

The National Assembly Budget Office points out the necessity of reformation of certain current acts through this report based on its experiences in budget and economic analysis. This report reviews the problems and suggests opinions on several acts related to finance including National Fiscal Act, National Health Insurance Act, and Balanced National Development Special Act based on four fiscal principles: transparency, accountability, sustainability, and performance based budget.