Minor Cabinet Reshuffle Expected Next Month Including Ministry of Economy and Finance and Financial Services Commission
Speculation on Gangwon Province Governor Candidacy Emerges
Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is briefing on the 2021 supplementary budget at the Government Seoul Office in Jongno-gu, Seoul on the 2nd. Photo by Moon Ho-nam munonam@
[Asia Economy Reporter Jang Sehee] Hong Nam-ki, the Deputy Prime Minister and Minister of Economy and Finance, who was initially expected to be replaced, has retained his position, but the prevailing view is that he will be replaced next month. It is believed that the Blue House made this unavoidable choice considering the replacement of the Prime Minister, the highest-ranking member of the cabinet.
According to political circles on the 18th, the Blue House is expected to conduct a minor additional cabinet reshuffle next month. A key ruling party official stated, "If both the Prime Minister and Deputy Prime Minister are replaced simultaneously, the government’s operations could face significant disruption," adding, "Next month, the reshuffle is expected to include Deputy Prime Minister Hong Nam-ki, as well as the Financial Services Commission and the Ministry of Agriculture, Food and Rural Affairs."
Potential successors to Deputy Prime Minister Hong include Koo Yoon-cheol, Director of the Office for Government Policy Coordination, and Eun Sung-soo, Chairman of the Financial Services Commission.
Deputy Prime Minister Hong must serve as acting Prime Minister until the confirmation hearing and other procedures for Prime Minister nominee Kim Boo-kyum are completed. Hong will immediately preside over meetings of the Central Disaster and Safety Countermeasure Headquarters (CDSCH) and respond to government questions on politics, diplomacy, unification, and security.
There is also interest in Hong’s future career. Some speculate that Hong may run for Governor of Gangwon Province in the June 1 local elections next year. A native of Chuncheon, Gangwon, Hong has visited Gangwon multiple times during his tenure as Deputy Prime Minister for events such as the "Gangwon Hydrogen Economy Field Visit" and the "Gangwon-type Job Selection Ceremony." There are opinions that he will perform well as an administrator based on his extensive public service experience.
As Hong’s replacement becomes likely, the Sejong government offices are also abuzz. A Ministry of Economy and Finance official said, "Continuity is essential for tasks like the Korean New Deal and COVID-19 crisis response," adding, "If the Deputy Prime Minister is replaced, everything from A to Z might have to be restarted."
Meanwhile, Prime Minister nominee Kim has positioned himself as an "economic Prime Minister." Kim previously emphasized, "The most important tasks in the remaining year are jobs, the economy, and people’s livelihoods." He also stated, "I will renew the government with a more humble attitude," and "I will reflect where reflection is needed and innovate where innovation is necessary."
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