South Korea names Lee Hyoung-il finance chief in cabinet reshuffle

President Lee Jae Myung is betting on the same economic playbook despite a Cabinet reshuffle, with career bureaucrats tapped to lead the ministries overseeing economic and housing policies, analysts said Monday. Lee on Sunday nominated Lee Hyoung-il, currently first vice finance minister, as his nominee for finance minister, and Hong Jee-sun, currently second vice minister of land, infrastructure and transport, to lead the ministry. The two were among six ministerial nominees announced in the reshuffle. The changes come as both economic and housing policies have faced growing public criticism. The departures of Finance Minister Koo Yun-cheol and Land Minister Kim Yoon-duk were widely viewed as dismissals, with public sentiment turning against the Lee administration following the tax reform package and housing supply plans unveiled earlier this month. However, the president's choice of replacements suggests that he is seeking to reinforce rather than overhaul his policy direction. "The reshuffle of the economic policy team is about maintaining policy continuity while delivering tangible re

President Lee Jae Myung shuffled his Cabinet on Sunday, replacing ministers in six key posts in a move experts characterized as largely routine, even as it came amid mounting public criticism over his falling approval ratings. Presidential Chief of Staff Kang Hoon-sik announced the nominations at a briefing at Cheong Wa Dae. Lee Hyoung-il, first vice minister of finance and economy, was tapped to serve as deputy prime minister for economic affairs and minister of finance and economy. Born in 1971, Lee is a veteran career bureaucrat who has held key posts since joining the finance ministry in 1993, building expertise in both domestic and international economics as a senior economist at the World Bank and as commissioner of Statistics Korea. He has served as vice minister since June 2025, after heading Statistics Korea from July 2023 to June 2025. The president also named Kang Shin-chul, a former deputy commander of the Korea-U.S. Combined Forces Command, as defense minister and Rep. Kim Seung-won of the ruling Democratic Party of Korea (DPK) as justice minister. Born in 1968, Kang graduat

President Lee Jae Myung reshuffled his Cabinet on Sunday, replacing ministers in six key posts. Presidential Chief of Staff Kang Hoon-sik said at a briefing at Cheong Wa Dae that the president nominated Lee Hyoung-il, first vice minister of economy and finance, to serve as deputy prime minister for economic affairs and minister of economy and finance. Born in 1971, Lee is a veteran career bureaucrat who has held key economic posts at the finance ministry. Since joining the finance ministry in 1993, he has built extensive expertise in both domestic and international economics through his career as a senior economist at the World Bank and as Commissioner of Statistics Korea. Lee has served as vice minister since June 2025, after heading Statistics Korea from July 2023 to June 2025. President Lee also tapped Kang Shin-chul, a former deputy commander of the Korea-U.S. Combined Forces Command, as defense minister and Rep. Kim Seung-won of the ruling Democratic Party of Korea (DPK) as justice minister. Born in 1968, Kang graduated from the Korea Military Academy and built his career in the mil

South Korea is reshuffling its cabinet at a time when analysts are questioning the sustainability of president Lee Jae Myung expansionary fiscal policies.

SEOUL, Aug 30 (Reuters) - South Korea unveiled a major cabinet reshuffle on Sunday, naming First Vice Finance Minister Lee Hyoung-il as the new deputy prime minister and minister of economy and finance. The administration also tapped ruling Democratic Party lawmaker Kim Seung-won to lead the Ministry of Justice, and named Kang Shin-chul, former deputy commander of the South Korea-U.S. Combined Forces Command, as the new defense minister, presidential chief of staff Kang Hoon-sik said in a televised address.