1948 Three years after gaining independence from Japan, the Korean government was set up and it established the Ministry of Finance and the Economic Planning Board.

The Ministry of Finance took charge of designing tax, financial and monetary policies as well as managing state-owned property and exchange rates.

On the other hand, the Economic Planning Board was empowered in 1961 and assumed an important mandate of designing 5 year economic development plans in addition to its usual functions such as managing the government's budget and securing foreign loans.

1967 The Economic Planning Board introduces the Republic of Korea's first electronic mainframe computer, an IBM 1401 system, to process data collected from the country's national census conducted the previous year.

Planning and coordination of the mid- to long-term socio-economic development goals and setting economic policy direction on an annual basis 2.

Management and monitoring of public institutions' operation The Ministry of Economy and Finance was accused of releasing a comprehensive review on welfare-related campaign promises of each political party before the 2012 election.