Ministry of Economy and Finance Appoints Budget Office Chief 9 Days After Vice Minister Personnel Change... Attention on Hong Nam-gi's Position

New Budget Director Choi Sang-dae... Experienced Budget Expert with Broad Department Background
Kim Wan-seop, Budget Review Officer... Key Roles in Social Budget and More
Deputy Prime Minister Hong Nam-ki's Position in Focus... Successors Include Eun Sung-soo and Koo Yoon-chul

Choi Sang-dae, the newly appointed Director of the Budget Office at the Ministry of Economy and Finance. (Photo by Ministry of Economy and Finance)

[Sejong=Asia Economy Reporter Moon Chaeseok] On the 8th, the Ministry of Economy and Finance appointed Choi Sang-dae, the Budget General Review Officer, as the successor to Ahn Do-gul, the former Budget Office Director, who was appointed as the 2nd Vice Minister. The follow-up personnel reshuffle was carried out nine days after the vice minister appointment. The Budget Office Director is a key position responsible for directing the budget formulation process and negotiating with members of the National Assembly during the Budget and Accounts Special Committee review. Since the dismissal of former Blue House Policy Chief Kim Sang-jo, one of the 'Big 3' positions in the Ministry of Economy and Finance?Budget Office Director, Vice Minister, and Taxation Office Director?has now been filled.

Choi, the newly appointed director and a 34th Administrative Examination pass, graduated from Yonsei University with a degree in Economics, earned a master's degree in Public Administration from Seoul National University, and another master's degree from the University of Maryland in the United States. He has served as Policy Planning Officer, Director of Fiscal Innovation Bureau, Social Budget Review Officer, and Budget General Review Officer at the Ministry of Economy and Finance. He also worked as a Senior Advisor at the International Bank for Reconstruction and Development (IBRD) in the U.S. and as an Administrative Officer in the Economic and Financial Secretary Office of the Presidential Secretariat. In 2016, he served as Chief Secretary during the tenure of former Deputy Prime Minister and Minister of Economy and Finance Yoo Il-ho.

As the Budget General Review Officer last year, Choi oversaw the practical work of formulating four supplementary budgets in response to the COVID-19 crisis. He is regarded as a person with excellent expertise in budget and fiscal affairs, gentle yet resolute. He is known to be highly respected by his juniors. Having consistently emphasized the need for fiscal innovation, it is expected that he will increase budget autonomy for each ministry while placing significant weight on promoting various fiscal innovation measures.

Choi’s successor is Kim Wan-seop, the Social Budget Review Officer. Kim, a 36th Administrative Examination pass, graduated from Korea University with a degree in Business Administration, earned a master's degree in Public Administration from Seoul National University, and a Ph.D. in Economics from the University of Missouri. He has built a career as a budget bureaucrat, serving as Director of Industrial Information Budget, Director of Social Policy, Director of Labor Environment Budget, and Director of Budget Standards. He later held positions such as Public Innovation Planning Officer, Fiscal Performance Review Officer, and Chief Secretary to the Deputy Prime Minister.

Meanwhile, attention is also focused on the position of Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance. This is because there have been ongoing rumors of a cabinet reshuffle following the April 7 by-elections. The ruling party’s defeat in the by-elections has increased the need for government reform, and with Prime Minister Chung Sye-kyun reportedly intending to resign, interest in Hong’s position is growing. Previously, in November last year, Hong expressed his intention to resign over the expansion of capital gains tax on major shareholders, and he is currently the longest-serving Deputy Prime Minister of Economy and Finance. There are also rumors that Hong is considering running for governor of Gangwon Province in the local elections next June.

If Hong vacates his position, candidates for his successor include Eun Sung-soo, Chairman of the Financial Services Commission and an economic policy expert (27th Administrative Examination), and Koo Yoon-chul, Director of the Office for Government Policy Coordination and a budget expert (32nd Administrative Examination). Recently, Ahn Il-hwan, former 2nd Vice Minister of Economy and Finance and a budget expert, was appointed as the Blue House Economic Secretary, so it is speculated that appointing another budget expert as Deputy Prime Minister for balance might be difficult. Other names mentioned include Ko Hyung-kwon, Ambassador to the OECD (30th Administrative Examination), former Director of the Office for Government Policy Coordination Noh Hyung-wook (30th Administrative Examination), and Jeong Eun-bo, Ambassador for the Korea-U.S. Defense Cost-Sharing Negotiations (28th Administrative Examination).

Some argue that with the Prime Minister replacement likely, considering the time needed for the successor’s confirmation, leaving the Deputy Prime Minister position vacant might be burdensome. There is speculation that Hong will be retained as he has the trust of President Moon. There is also a scenario where Hong is appointed as the successor to Prime Minister Chung.