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3d ago

Lee Hye-hoon Named South Korea’s First Budget Minister as New Planning Ministry Debuts Jan. 2

The re-established ministry will take over national budget formulation under the prime minister.

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South Korean President Lee Jae Myung listens to a reporter’s question during a press conference to mark the first anniversary of the December 3, 2024, martial law declaration by former President Yoon Suk Yeol, at the Blue House in Seoul, South Korea, December 3, 2025. REUTERS/Kim Hong-Ji
Lee Hye-hoon, the nominee for the minister of planning and budget, is seen in this undated photo. (PHOTO NOT FOR SALE) (Yonhap)

Overview

  • The presidential office announced that Lee Hye-hoon will lead the new Ministry of Planning and Budget as budget-making is separated from the Ministry of Economy and Finance.
  • The ministry is scheduled to launch on Jan. 2, 2026 under the prime minister’s supervision, marking a structural shift in fiscal governance.
  • The move revives a standalone budget body that was merged into the Finance Ministry in 2008.
  • Lee is a former three-term National Assembly member from the conservative opposition, making the pick a surprise cross-party choice.
  • Her background includes service on parliamentary finance and budget oversight committees, a UCLA economics doctorate, Seoul National University degrees, and research work at the Korea Development Institute.