South Korea enacts ministerial shakeup

South Korea has announced a major cabinet reshuffle, including the appointment of Lee Hyung-il as Deputy Prime Minister and Minister of Finance, as well as Kim Seong-won as Minister of Justice, and Kong Shin-chol as Minister of Defense. This change comes at a time when the government is seeking to revitalize its international policies, amid concerns about the sustainability of expansionary fiscal policies following the collapse of the local bond market, as the government prepares to present its 2027 budget. Candidates for government positions are subjected to rigorous legislative scrutiny before their appointment, with the president retaining the final authority to appoint ministers.

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