Inaugural budget minister calls for 'true control tower' amid growing challenges

▲ This photo, taken March 23, 2026, shows Park Hong-keun, then nominee for new minister for planning and budget, speaking in his confirmation hearing at the National Assembly in Seoul. The lawmaker-turned-minister took the helm of the newly established Ministry of Planning and Budget on March 25. (Yonhap)

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Inaugural budget minister calls for 'true control tower' amid growing challenges

By Kim Han-joo

SEJONG, March 25 (Yonhap) -- Budget Minister Park Hong-keun on Wednesday called for a "true control tower" to oversee fiscal policy and create value for the entire country amid growing challenges.

Park, a four-term lawmaker from the ruling Democratic Party (DP), made the remarks during his inauguration as the first minister of the newly established Ministry of Planning and Budget.

"In times of crisis, we need a 'true control tower' that can look ahead, allocate resources strategically and generate value for the country as a whole," Park said.

He said South Korea is facing complex structural challenges, including demographic changes, the climate crisis, widening inequality and regional decline.

Park added that fiscal policy should serve as the "last safeguard" for people's livelihoods while also acting as a catalyst for recovery and growth.

"As the pain facing the public deepens, we must act swiftly without hesitation," he said.

To ease the burden on households amid rising oil prices due to a prolonged conflict in the Middle East, Park said the government will swiftly draw up a supplementary budget and submit it to the National Assembly.

The DP plans to pass the budget during a plenary session next month, following instructions from President Lee Jae Myung to quickly prepare measures addressing the economic fallout.

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