S.Korea’s president-elect nominates conservative lawmaker as finance chief

South Korea’s president-elect Yoon Suk-yeol speaks during a news conference to address his relocation plans of the presidential office, at his transition team office, in Seoul, South Korea, March 20, 2022.Jung Yeon-je/Pool via REUTERS/File Photo

SEOUL, April 10 (Reuters) – South Korea’s incoming President Yoon Suk-yeol on Sunday named Choo Kyung-ho to be deputy prime minister and finance minister, as the country seeks to tackle surging inflation, household debt and demand for welfare.

Yoon, who takes office in May 10, announced eight cabinet minister nominations, including defence, industry, health and land. All are subject to parliamentary confirmation hearings.

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As deputy prime minister, Choo, 62, would double as finance minister and oversee economic policy, replacing Hong Nam-ki.

Choo is a second-term lawmaker in Yoon’s conservative People Power Party. He served 33 years in government roles including vice minister of economy and finance, and vice chairman of the Financial Services Commission.

His nomination came as Asia’s fourth-largest economy faces challenges of quelling decade-high inflation without destabilising markets as recovery from the pandemic continues.

Standing with Choo, Yoon said the nominee would facilitate policy coordination among agencies and with the parliament.

“The current economic situation are extremely serious, and internal and external circumstances are tough,” said Choo told a news conference, citing inflation and slowing growth.

“The new government’s top priority is to stabilise prices and people’s livelihoods.”

South Korea’s economy last year grew an 11-year high 4.0% but is expected to slow in 2022 and consumer inflation is a decade-high 4.1% amid global supply shocks and disruptions caused by Russia’s invasion into Ukraine.

As a member of the presidential transition committee, Choo has been working to draw up an extra budget plan to support small businesses and the self-employed who have been affected by COVID.

Yoon nominated Lee Jong-sup, a retired military commander who formerly served as deputy chairman of the Joint Chiefs of Staff, to be defence minister.

The incoming president is mapping out his foreign policy agenda just as tension flares after North Korea launched a new intercontinental ballistic missile last month. read more

Lee said he would bolster Seoul’s independent response capability and “maximise U.S. deterrence” to counter the North’s threats.

A team of Yoon’s foreign policy and security advisers said last week they discussed redeploying U.S. strategic assets, such as nuclear bombers and submarines, to South Korea during talks with Washington officials. read more

Reporting by Hyonhee Shin and Cynthia Kim; Additional reporting by Jihoon Lee; Editing by Kenneth Maxwell, Michael Perry and William Mallard

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