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South Korean president replaces three ministers

South Korean President Roh Moo-hyun yesterday named new ministers of finance, education and budget, his office said in a statement, the first Cabinet shake-up since March.

Roh named Kwon O-kyu, a presidential aide and former South Korean ambassador to the Organization for Economic Cooperation and Development, to head the Ministry of Finance and Economy, replacing Han Duck-soo, who submitted his resignation on Friday.

Kwon was "seen suitable for the post as someone who would devise a comprehensive package that well connects social welfare policy and economic policy" the statement said.

Kim Byong-joon, a former policy aide to Roh, was named education minister, replacing Kim Jin-pyo, who offered to step down after a food poisoning incident in schools sickened thousands of students.

Han and Kim Jin-pyo also served as deputy prime ministers.

Roh also named Chang Byoung-wan as budget minister.

The appointments were subject to parliamentary approval.

Roh will be hoping that the reshuffle boosts the popularity of his three-year old administration which suffered a setback in elections in May, when the conservative opposition won 12 of 16 key regional posts.

Though growth in the world's 10th-largest economy slowed last year to 4 percent from 4.6 percent in 2004, the central bank and the government expect it to rebound this year, expanding by about 5 percent.

Economists don't expect major changes in economic policy as a result of the shake-up, although some expect Kwon's closeness to the president to smooth policy coordination.

Han, who has a doctorate in economics from Harvard University and formerly served as trade minister, became finance minister in March last year.

Roh also promoted National Tax Service Deputy Commissioner Jun Gun-pyo to commissioner.
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