South Korea’s Finance Ministry May Lose Budget Power in Reform

The South Korean government is considering a major reform that could reduce the power of the Ministry of Economy and Finance. The proposed changes aim to restructure various financial and regulatory institutions in the country. If implemented, the reform would strip the finance ministry of its authority to draft national budgets. This move is part of the Lee Jae Myung administration's broader effort to reorganize the country's financial and regulatory framework. The specific details and rationale behind the proposed reform are still unclear. However, the changes are likely intended to redistribute power and responsibilities among different government agencies, potentially leading to a more balanced and efficient financial system. The potential loss of budget-drafting power by the finance ministry is a significant development that could have far-reaching implications for South Korea's economic policymaking and governance. The proposed reform is still in the planning stages, and its final form and implementation remain to be seen.