Finance minister calls off departure for G20 meeting after successor is named, then reverses course
The reasoning appears to be that the international schedule should continue as scheduled, with Koo Yun-cheol attending as the sitting deputy prime minister until his successor is sworn in.
Deputy Prime Minister and Finance Minister Koo Yun-cheol leaves Terminal 2 of Incheon International Airport on Aug. 30 for the Group of 20 finance ministers' meeting in the United States.NEWS1
Deputy Prime Minister and Finance Minister Koo Yun-cheol abruptly called off his departure to the United States on Sunday morning after learning that his successor had been named, then boarded a flight an hour later.
Koo is traveling to Asheville, North Carolina, for the Group of 20 Finance Ministers and Central Bank Governors Ministerial meeting, which runs from Monday through Tuesday. The Ministry of Finance and Economy had announced on Sunday that Koo had decided to attend the gathering.
He had already arrived at Incheon International Airport when he received word of the cabinet reshuffle naming Lee Hyoung-il, the ministry’s first vice minister, as his successor as deputy prime minister and minister of finance and economy. Koo then turned around without boarding.
In Korea, a ministerial nominee must undergo a confirmation hearing by the National Assembly before taking office, so Koo will remain in the post until Lee is formally appointed.
Koo was set to hold bilateral meetings in Asheville, including one with U.S. Treasury Secretary Scott Bessent. Those appeared to be canceled after he called off his departure, but he then reversed that decision within an hour. The reasoning appears to be that the international schedule should continue as scheduled, with Koo attending as the sitting deputy prime minister until his successor is sworn in.
U.S. Treasury Secretary Scott Bessent speaks during an event with U.S. President Donald Trump in the Oval Office at the White House in Washington on Feb. 2AP/YONHAP
At the meeting, Koo will outline the strength of Korea’s economic fundamentals and the government’s efforts to build medium- and long-term growth potential. He will also give the government’s position on global debt, imbalances and other issues facing the world economy.
He also stated that he plans to use the bilateral meetings to discuss ways to strengthen economic cooperation.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
