SEOUL, KOREA - The government will commence on a high-intensity effort to restructure the 63 public funds currently under government management. The Ministry of Strategy and Finance said on February 11 that it would form an assessment team consisting of 35 management professors and accountants and evaluate all 63 funds about whether to continue, consolidate, or terminate.

The assessment has been conducted in every three years since 2005. The assessment team will focus on the feasibility of the fund's retention, the appropriateness of each project, and the fitness of the fund's financial structure.

 

For example, the need for a fund to memorialize national patriots and martyrs created by the National Assembly has long disappeared. Due to the difficulty of getting congressmen's approval, however, the fund is still maintained. In the 2010 inspection, the assessment team had recommended that the river estuary management funds for five major river systems be consolidated. But the funds have been intact for reasons that the legal procedure to revise the law is highly complicated.

 

For the same reason, the Food Grain Stock Consolidating Fund and the Rice Income Stabilization Fund were going to be consolidated but are still run separately.