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South Korea's Finance Minister Becomes Acting President Amid Political Turmoil

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Politics News

South Korea,Acting President,Impeachment

South Korea's Finance Minister Choi Sang-mok became the acting president on Friday after lawmakers voted to impeach the current acting leader, Prime Minister Han Duck-soo. This move fuels political uncertainty in South Korea's economy. Choi, a veteran economic technocrat, pledged to stabilize state affairs and overcome the current crisis.

South Korea's acting President, deputy Prime Minister and Finance Minister Choi Sang-mok presides over National Security Council at the government complex in Seoul, South Korea, December 27, 2024. Yonhap via REUTERS

Choi, 61, a veteran economic technocrat who has served for more than 30 years at the finance ministry, takes on an unprecedented role as successor to an impeached acting leader. The South Korean won weakened to its lowest since March 2009, as analysts said there was little to reverse the negative sentiment stemming from the political uncertainty.

Until recently, Choi was one of Yoon's conservative loyalists in the cabinet, taking multiple roles since the president was elected in March 2022, starting as a secretary of the economy division. At a parliament session on Dec. 17, Choi testified that he"strongly objected" to Yoon's plan to declare martial law since it could wreak havoc on the economy, and said he was ready to step down as soon as the economy stabilised.

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