Seoul: President Lee Jae Myung has appointed a former executive director of the International Monetary Fund (IMF) as the new vice finance minister, Cheong Wa Dae announced Monday. Huh Chang, with extensive experience in the finance ministry and the IMF, was named the second vice finance minister, presidential spokesperson Kang Yu-jung informed reporters.

According to Yonhap News Agency, the role of the second vice finance minister includes the management of foreign exchange rates and foreign trade. Huh Chang's appointment is part of a broader strategy to strengthen the country's financial leadership.

In another significant appointment, Oh Tae-seog, currently president of the Korea Institute of Science and Technology Evaluation and Planning, has been selected as the administrator of the Korea AeroSpace Administration. Oh's career includes a tenure as the first vice minister of science and ICT, where he played a critical role in overseeing the launch of the homegrown Nuri space launch vehicle.