Anchor: President Moon Jae-in has fired officials in charge of economic policies, replacing the deputy prime minister for economy and presidential chief of staff for policy. The decision comes a year and six months after the two tried and failed to boost the economy under the Moon administration's income-driven growth initiative.
Kim Bum-soo has more.
Report: President Moon Jae-in has nominated Hong Nam-ki, chief of the Office for Government Policy Coordination, as his new finance minister.
He also named Kim Soo-hyun, senior presidential secretary for social affairs, as his new chief economic adviser.
Presidential press secretary Yoon Young-chan announced Moon's decision Friday.
[Sound bite: Yoon Young-chan - Senior Secretary to President for Public Communication (Korean)]
“Deputy Prime Minister and Finance Minister Nominee Hong Nam-ki is an expert of budget finances and is a renowned economic strategist.”
“[Hong] is the most proper person to take the lead of the government economic policies as the situation calls for speedy invigoration of the economy through reformative and bold policy implementation.”
"Senior social affairs secretary Kim Soo-hyun has led the drafting of the incumbent government's priority policy tasks and is a policy expert who took significant roles in tackling a stockpile of livelihood issues based on his ability to coordinate policies and communicate with relevant parties."
They will replace Finance Minister Kim Dong-yeon and chief economic policy adviser Jang Ha-sung.
The reshuffle came as the nation is suffering from low growth and employment.
Jang has been in charge of the Moon administration's income-driven growth initiative, under which the government pushed ahead with the recent minimum wage hike.
Finance Minister Kim has not been fully in sync with the presidential office's top economic adviser, calling for changes to Jang's growth strategy centered around improving income distribution for the working class.
Kim Bum-soo, KBS World Radio News.