• Sunday, 20 January 2019

S Korean President sacks finance minister, chief economic adviser

Seoul [South Korea], Nov 9 : South Korean President Moon Jae-in fired two of his top economic officials including finance minister Kim Dong-yeon and chief economic adviser Jang Ha-sung after the two got into a tiff about dealing with collapsing economy of the country.

According to Yonhap, Hong Nam-ki, an economic technocrat who is currently serving as chief of the Office for Government Policy Coordination under the Prime Minister's Office will replace Kim Dong-yeon as finance minister and deputy prime minister for economic affairs.

Moon named Kim Soo-hyun, the senior social affairs secretary to succeed chief economic adviser Jang Ha-sung.

The sacked top policymakers engaged in a disagreement over revival of the slumping economy, with Kim voicing a need to alter the "income-led" growth policy and Jang insisting on sticking to the distribution-centered policy.