[Yongsan Report] Yoon Breaks Through with 'Economy and Livelihood'... Economic Secretary Office Also 'Refresh'

Among the three announced ministers, two are from the Ministry of Economy and Finance
Atmosphere shift in the Economic Secretary's Office... Cabinet reshuffle continues
Efforts to break through with 'livelihood' amid opposition party attacks

President Yoon Suk-yeol and Han Dong-hoon, a candidate for the People Power Party leadership, are listening to the commemorative speech by Kang Seok-ho, President of the Korea Freedom Federation, at the 70th anniversary ceremony of the Korea Freedom Federation held on the 4th at Namdong Gymnasium in Incheon. [Image source=Yonhap News]

President Yoon Suk-yeol has made his first ministerial-level personnel changes since the general election, aiming to shift the atmosphere. With officials from the Ministry of Economy and Finance placed at the forefront, a large-scale replacement of secretaries in the Presidential Office's Economic Secretariat is also expected to bring a 'refresh.' Although the Presidential Office has been put on the defensive due to the opposition giant party's (Geoya) offensive, the intention is to focus on revitalizing the economy and people's livelihoods to find a breakthrough.

According to sources inside and outside the Presidential Office on the 5th, the recent political appointments prominently feature the 'rise of the Ministry of Economy and Finance.' President Yoon nominated Kim Byung-hwan, the first vice minister of the Ministry of Economy and Finance, as the candidate for Financial Services Commission chairman, and Kim Wan-seop, former second vice minister of the Ministry of Economy and Finance, as the candidate for Minister of Environment. Among the three announced ministerial-level candidates, two are from the Ministry of Economy and Finance. Since the Prime Minister, Minister of Government Policy Coordination, Deputy Prime Minister for Economy, and Minister of Health and Welfare are also from the Ministry of Economy and Finance, the bureaucracy has dubbed this another 'golden age of the Ministry of Economy and Finance.'

This personnel selection reflects President Yoon's intention that the economy and people's livelihoods are paramount. He has ordered the placement of elite public officials who are well-versed in macroeconomics, markets, and budgeting to stabilize the market and promote the development of related industries. Regarding the appointment of a Ministry of Economy and Finance official as Minister of Environment, a Presidential Office official explained that "the environment is also economy," indicating consideration of economic and industrial aspects.

In particular, President Yoon is known to have replaced four out of five secretaries in the Presidential Office's Economic Secretariat to refresh the atmosphere. According to a senior Presidential Office official, following the appointments of Kim Beom-seok as Secretary for Economic and Financial Affairs and Park Beom-su as Secretary for Agriculture, Food, and Fisheries?both promoted to vice ministers of the Ministry of Economy and Finance and Ministry of Agriculture, Food and Rural Affairs respectively?plans have been set to replace Park Seong-taek, Secretary for Industrial Policy, and Kim Seong-seop, Secretary for Small and Medium Enterprises and Startups, possibly by mid-month. Gil Byeong-woo, Secretary for Land, Infrastructure and Transport, is expected to remain unchanged this time.

Recently, the Democratic Party of Korea has escalated political offensives by passing the 'Special Prosecutor Act for Chae Sang-byeong,' pushing for the impeachment of the Chairperson of the Korea Communications Commission and prosecutors. However, the Presidential Office intends to focus on people's livelihoods and seek an opportunity to reverse public opinion. A senior Presidential Office official said, "The President continues to emphasize people's livelihoods," adding, "He mentioned the need to support small business owners and self-employed individuals suffering from high interest rates."

On the 2nd, President Yoon held a private dinner with Lee Chang-yong, Governor of the Bank of Korea, and Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, along with other heads of economic, monetary, and financial authorities, urging the recovery of the economy and people's livelihoods.