Seoul: Finance Minister Koo Yun-cheol on Wednesday pledged support for local businesses and the livelihoods of the people, ensuring there will be no disruption as his ministry undergoes a division.
According to Yonhap News Agency, starting on Thursday, the ministry will split into the Ministry of Finance and a newly established Ministry of Planning and Budget. The new ministry will be placed under the Prime Minister's Office and will take over the government's budget planning functions as part of a government reorganization.
"As deputy prime minister for economic affairs, I will reflect on the responsibilities entrusted to me and greet the new year with the resolve of standing again at the starting line," Koo stated in a New Year's message. He emphasized his commitment to managing the macroeconomy and reviving the livelihoods of the people, with a focus on promoting the growth of small and medium-sized enterprises and self-employed individuals.
Koo further mentioned that the government will closely address tasks aimed at easing polarization, including providing support for vulnerable populations. Lee Hye-hoon, a former three-term lawmaker from the conservative bloc, has been nominated to lead the newly envisioned Ministry of Planning and Budget.