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Bloomberg

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

By and Heesu Lee Save South Korea's Ministry of Economy and Finance may lose its authority to draft budgets as part of reforms planned by the Lee Jae Myung government that look to overhaul a range of financial and regulatory bodies. Lee Han-joo, a key ally of the president who is tasked with setting policy priorities for the new government, said the ministry has become too powerful, prompting calls for separating its budgeting and planning functions.