The reform push is part of the efforts of President Lee Jae Myung, who said during his election campaign that some public agencies had too much power, although the moves have provoked backlash from some experts.

The government and ruling party will push to strip the finance ministry of its budget-making power in favour of a new government agency to draft annual budgets, interior minister Yun Ho-jung said, following a meeting of the two groups.

The changes aim at “better implementing key national agendas for the people and establishing a foundation to tackle complex issues such as the climate crisis and the artificial intelligence (AI) transition,” Yun said in televised remarks.

Legal professionals and economists have warned the prosecutorial service could lose its independence in the new system, while changes to budget planning policies could risk faster debt accumulation under the liberal president.

Two new agencies will be established to separately handle the indictment and investigative functions now discharged by the country’s prosecution service.

The ruling Democratic Party, formerly led by President Lee, holds the majority of the 300 seats in the unicameral parliament, which would have to approve the changes unveiled today.

Yun said the changes would take effect about a year after parliament gave its approval.