Seoul: Lee Hyoung-il, a renowned macroeconomic expert, has been appointed as the new finance minister, a decision announced on Sunday. Lee, aged 55, brings with him a wealth of experience in financial and economic policy, having started his civil service career after passing the national civil service exam in 1992 while studying at Seoul National University.

According to Yonhap News Agency, Lee honed his expertise in macroeconomics during his tenure in pivotal roles within the Economic Policy Bureau of the finance ministry. His journey through various significant positions includes serving as the deputy finance minister and a presidential secretary for economic policy during the Moon Jae-in administration. Following this, he was promoted to head of Statistics Korea under the subsequent Yoon Suk Yeol administration, an office that later evolved into the Ministry of Data and Statistics.

During his service as the first vice finance minister, Lee was responsible for the management and operation of the fuel price cap system. This initiative aimed to stabilize domestic fuel prices amidst the supply chain disruptions caused by the conflict between the United States and Iran in the Middle East.

Lee's peers describe him as a gentle and reasonable official, a reputation solidified by being named a "role model" three times in surveys conducted among finance ministry officials. His appointment as finance minister signifies a continuation of prudent economic management amid ongoing global challenges.