Finance Minister Choi Sang-mok was sworn in as South Korea’s second acting president in two weeks on Friday after lawmakers voted to impeach the current acting leader, Prime Minister Han Duck-soo. This move has added to the political uncertainty in Asia’s fourth-largest economy.
Han’s removal from office came after disagreements with the opposition regarding the appointment of justices to the Constitutional Court. The Court had begun deliberating an impeachment trial of President Yoon Suk Yeol after he was impeached by the opposition-led parliament on December 14 for his brief declaration of martial law on December 3.
Choi, aged 61, brings decades of experience as a veteran economic technocrat, having served for over 30 years in the finance ministry. He now steps into an unprecedented role as the successor to an impeached acting leader. Ahead of assuming office, Choi warned that impeaching Han would severely harm the country’s economic credibility and urged political parties to reconsider their plans.
Following Han’s impeachment, Choi pledged to make “an all-out effort to stabilize state affairs” and navigate the current crisis. The South Korean won depreciated to its lowest level since March 2009, reflecting the negative sentiment stemming from the ongoing political turmoil.
Choi has been leading an informal gathering of financial authorities, known as F4, to address concerns among international investors and allies amidst the political unrest. He has promised to provide “unlimited liquidity” to calm financial markets, engaged in discussions with U.S. Treasury Secretary Janet Yellen to reaffirm strong bilateral ties, and sent reassurance letters to finance ministers of major nations.
Formerly a staunch supporter of President Yoon within the cabinet, Choi held various roles since Yoon’s election in March 2022, initially serving as a secretary of the economy division. He then ascended to the position of chief economic secretary, enabling him to accompany Yoon on international trips, before being appointed finance minister in December 2023.
According to a former minister speaking on condition of anonymity, Choi enjoys greater trust from opposition party lawmakers compared to Han Duck-soo due to his public opposition to Yoon’s martial law proposal and his active role in stabilizing financial markets.
During a parliamentary session on December 17, Choi testified that he strongly opposed Yoon’s martial law plan, citing potential adverse economic consequences. He also expressed readiness to resign once the economy regained stability.
Choi holds a bachelor’s degree from Seoul National University’s law school, where President Yoon also pursued studies around the same period. Throughout his career in government service, Choi has been involved in economic policy-making, financial market policies, and external business relations primarily within the finance ministry.
It is anticipated that Choi will serve as acting president for several months, as the Constitutional Court has up to 180 days to decide on whether to remove or reinstate President Yoon. If Yoon is removed, presidential elections must be conducted within 60 days.
