By The Ministry of Strategy and Finance Signs a Digital Budget Accounting System MOU with Russia
Vice Minister of Finance Kim Dongyun signed a Memorandum of Understanding (MOU) on Technical Cooperation Related to Korea's Digital Budget Accounting System (known as 'dBrain') on January 28. In April of last year, experts from Russia visited Korea to benchmark the dBrain system, after which it was decided that case-by-case cooperation should develop into a formal cooperative relationship.
According to the MOU each country agrees to engage in reciprocal, mutual cooperation with regards to fiscal information systems. Cooperation will not be limited to the public sector, but will encompass private sector cooperation, as well. After signing the MOU, results will be realized through working-level meetings.
According to the MOU, Korea will pass on information and know-how regarding the structure of dBrain and working-level meetings will be planned to figure out the role of private corporations.
The dBrain is an integrated fiscal information system that provides information on and analyzes in real time fiscal operations, including tax revenues, budget formulation, budget execution, settlement of accounts, and evaluations. The dBrain has become one of the Knowledge Sharing Program's (KSP) major programs, with requests for cooperation from other countries increasing every year.*
*Number of Korea's international cooperation partners: 11 (2009)
