South Korea’s Finance Minister Choi Sang-mok has resigned, effective immediately, amid an impending impeachment vote.
The move comes as the National Assembly was set to decide on his fate, with opposition lawmakers having filed an impeachment motion against him.
Choi had been at the center of controversy following the Supreme Court’s decision to overturn a lower court’s conviction of opposition presidential candidate Lee Jae-myung on election law violation charges.
In a statement, Choi apologized for his resignation, citing the country’s economic crisis as a reason for his decision.
The opposition, which holds a majority in the National Assembly, had accused Choi of mishandling the economy and failing to address the country’s financial woes.
With Choi’s resignation, the impeachment vote has been rendered moot.
Acting President Han Duck-soo accepted Choi’s resignation, and the National Assembly’s speaker, Woo Won-shik, announced that the impeachment proceedings would be halted.
Choi’s departure adds to the country’s political uncertainty, following President Yoon Suk-yeol’s controversial declaration of martial law last December, which led to his eventual impeachment.
As Han’s resignation takes effect after midnight, the role of acting president is set to pass to Public Administration Minister Lee Joo-ho, who will oversee the presidential election process on June 3.
A New Acting President Takes Charge
Lee Joo-ho will now be responsible for ensuring a smooth transition of power, as the country prepares for the upcoming presidential election.
The election is expected to be a crucial test for South Korea’s democracy, with many calling for greater stability and economic reform.
Implications for South Korea’s Economy
The resignation of Choi and the impending election have raised concerns about the country’s economic future.
- The won has been under pressure in recent weeks, and investors are waiting to see how the new administration will address the country’s economic challenges.
- The government’s ability to implement economic reforms will be closely watched by international markets.
The situation remains fluid, with many questions still unanswered about the future of South Korea’s leadership and economy.
Source: Channel News Asia