Koo cancels US trip after learning of cabinet reshuffle, then reverses course

Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol, who is being replaced in a cabinet reshuffle, briefly canceled his trip to the Group of 20 finance ministers and central bank governors meeting in the United States before reversing the decision at the last minute and departing as originally planned.

According to the Ministry of Finance and Economy, Koo departed through Incheon International Airport on Sunday morning to attend the G20 finance ministers and central bank governors meeting in Asheville, North Carolina.

Koo had initially decided to cancel the trip after arriving at Incheon airport on Sunday and learning he was among those to be replaced in the reshuffle. The Ministry of Finance and Economy also called off the scheduled release of a press release it had prepared in connection with his G20 trip.

Shortly before his departure, however, Koo reversed course and decided to proceed with the planned schedule. He is understood to have taken into account that even after a new deputy prime minister nominee is announced, he would need to continue carrying out his duties as the sitting deputy prime minister until a successor is formally confirmed following National Assembly confirmation hearings.

The fact that bilateral meetings with senior officials from major countries had already been arranged is also believed to have influenced his decision to depart. Officials determined it would not be in the national interest to abruptly cancel the trip given that meetings had already been coordinated with figures including US Treasury Secretary Scott Bessent.

Koo will attend the G20 finance ministers and central bank governors meeting running Monday through Tuesday to discuss key issues including the global economy, growth policy, monetary policy, debt, global imbalances, and financial literacy and fraud. Dialogue sessions and question-and-answer exchanges between private-sector figures from finance, healthcare, manufacturing and digital assets and the finance ministers and central bank governors of member countries are also scheduled.

Koo plans to highlight South Korea's solid economic fundamentals and its efforts to expand medium- and long-term growth potential in response to structural challenges, and to share his views on key global economic issues such as debt and global imbalances.

He will also pursue bilateral meetings with finance ministers and other senior officials from major countries to discuss ways to strengthen economic cooperation and support stable global economic growth.

Meanwhile, Presidential Chief of Staff Kang Hoon-sik said at a briefing Sunday that President Lee Jae Myung had nominated candidates for six cabinet minister posts. Lee Hyung-il, the current first vice minister of finance and economy, was named as the nominee for deputy prime minister and minister of finance and economy, succeeding Koo.