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, the presidential office announced.

According to Yonhap News Agency, the nominee will lead the newly established Ministry of Planning and Budget, which will be positioned under the prime minister's office. This organizational change is part of a government restructuring bill scheduled to take effect in January. Presidential Secretary for Public Relations and Communication, Lee Kyu-yeon, disclosed at a briefing that Lee Hye-hoon was selected for her extensive experience and previous service in the National Assembly.

Lee Hye-hoon, who has served three terms in the National Assembly, was a candidate for the main opposition People Power Party in the upcoming April 2024 parliamentary elections. Her nomination is seen as a strategic move aligning with the government's reorganization efforts.