3.2 The Role of the Economic Planning Board
The first task was to establish a government institutional structure which could make decisions and coordinate government actions. On July 1961, the Economic Planning Board (EPB) was created for this purpose under the leadership of the then Deputy Prime Minister, and it prepared the first five-year development plan (1962-1966). The Economic Planning Board (EPB) was responsible for the formulation and implementation of economic planning. It was in charge of various functions such as planning formulation and policy coordination, budget allocation, foreign capital management and statistical management. The EPB was at the center not only of medium planning but also short-term planning and policy-making. Also, the EPB was expected to play a prominent role in adjusting and controlling conflicts among the various economic ministries. It has been assessed that the EPB was one of the best examples of institution building and played a vital role in the implementation of Korea's five-year development plans