South Korea will establish a budget office in the government restructuring.

South Korean Minister of the Interior, Yun Ho-jung, announced on Sunday that South Korea has finalized plans to restructure the government, including plans to abolish the budget planning function of the Ministry of Finance. The plan includes the establishment of a new agency supervised by the Prime Minister, responsible for budget planning and the development of medium to long-term national development strategies. Some responsibilities related to domestic financial policies of the Financial Services Commission will be transferred to the Ministry of Finance; the plan will take effect on January 2. The Ministry of Environment will expand its scope to take on the energy policy tasks currently under the responsibility of the Ministry of Industry and Information Technology.