The Ministry of Planning and Budget and the Ministry of Economy and Finance will officially launch on Friday, completing the split of the former unified ministry.

Both ministries are scheduled to hold plaque‑unveiling and inauguration ceremonies at the government complex in Sejong City on Friday morning before beginning full operations.

The two agencies had been merged into the Ministry of Strategy and Finance in 2008, later renamed the Ministry of Economy and Finance, but were separated again under last year’s government reorganization plan.

The Ministry of Economy and Finance will oversee and coordinate economic policy, currency and foreign exchange affairs, international finance, taxation and government accounting. Its minister will continue to concurrently serve as deputy prime minister.

The Ministry of Planning and Budget, placed under the Office of the Prime Minister, will be responsible for budget formulation and execution as well as setting mid‑ to long‑term national development strategies and fiscal policy.

Former lawmaker Lee Hye‑hoon has been nominated as the first minister of planning and budget and is set to undergo a parliamentary confirmation hearing.