According to the Chosun Central News Agency (KCNA), North Korea’s Minister of Finance Kim Wan Su has been removed from office, and Park Su Kil has been appointed in his place. Park will also serve as Vice-Premier of the Cabinet.
The KCNA released news of the changes on Friday, after the news was formally announced by order of the Presidium of the Supreme People’s Assembly (SPA), which has the authority to appoint or remove Vice-Ministers, Ministers or other members of the Cabinet when the Supreme People’s Assembly is not in session.
The Minister of Finance manages the national budget pertaining to the People’s Economy. However, in North Korea the so-called Second Economy, which relates to the military-industrial complex, is prioritized over the People’s Economy. Therefore, the Minister of Finance lacks influence over budgetary allocations.
The reason for Kim Wan Su’s dismissal was not made public. However, since he fell on his sword as the 150-Day Battle was coming to an end, it has been suggested that he was a victim of unimpressive Battle results.
The KCNA has not released any information on new Minister of Finance Park Su Kil, but he is likely to be the current Chairman of the People’s Committee in North Hamkyung Province and a three-term SPA delegate.
In his role as Chairman of the People’s Committee, Park greeted Kim Jong Il in May this year when he conducted a round of onsite inspections at the memorial site in Yeonsa-district near Musan, and again earlier this month when Kim inspected economic facilities in Kyungsung and Myungcheon.
