Seoul: President Lee Jae Myung has nominated Lee Hye-hoon, a veteran economist and former three-term lawmaker from the conservative camp, as the new minister for planning and budget, according to the presidential office. The nomination was announced as part of a government reorganization bill, which will establish the Ministry of Planning and Budget under the prime minister's office in January.

According to Yonhap News Agency, the nominee has a robust background in both policymaking and research, having served on the National Assembly's Special Committee on Budget and Accounts and as a research fellow at the Korea Development Institute. Her legislative efforts include significant contributions to revising the Minimum Wage Act and the Interest Limitation Act.

Under the new governmental structure, the Ministry of Finance and Economy will serve as the policy control tower, while the newly formed Ministry of Planning and Budget will focus on budget allocation and economic strategy development. Lee Hye-hoon's extensive experience positions her as a pivotal figure in shaping mid- to long-term strategies and revitalizing future growth engines.

Her nomination will undergo a parliamentary confirmation hearing, but the president retains the authority to proceed with the appointment regardless of the outcome. In her statement, Lee Hye-hoon emphasized her commitment to achieving the administration's goals of welfare and growth, as well as fostering national unity.

In addition to Lee Hye-hoon's nomination, President Lee appointed Kim Song-sik as vice chair of the National Economic Advisory Council, Lee Kyung-soo as vice chair of the National Science and Technology Advisory Council, and made several other key appointments in various governmental and advisory positions.