Seoul: The finance ministry has undergone a significant transformation, being divided into two distinct entities as part of a government reorganization. This development was marked by the establishment of a new body responsible for the government's budget planning functions.

According to Yonhap News Agency, the reorganization has resulted in the formation of the Ministry of Economy and Finance and the newly established Ministry of Planning and Budget. The latter has been positioned under the jurisdiction of the Prime Minister's Office. This change comes nearly 18 years after the previous system was implemented in 2008 during the Lee Myung-bak administration, which initially merged the two ministries.

During an opening ceremony at the ministry, Finance Minister Koo Yun-cheol emphasized the objectives ahead, stating, "Facing us now are goals that must be achieved, including a rebound in potential growth and making this year the starting point for a major economic leap forward." As part of the restructuring, Lee Hye-hoon, a former three-term lawmaker from the conservative bloc, has been nominated to lead the newly formed Ministry of Planning and Budget.