The finance ministry was formally divided into two separate ministries on Friday, with a newly established body taking over the government's budget planning functions. Under a government reorganization, the ministry was divided into the Ministry of Economy and Finance and the newly established Ministry of Planning and Budget, which has been placed under the Prime Minister's Office. The reorganization comes nearly 18 years after the current system was launched in 2008 under the previous Lee Myung-bak administration, when the two ministries were merged. "Facing us now are goals that must be achieved, including a rebound in potential growth and making this year the starting point for a major economic leap forward," Finance Minister Koo Yun-cheol said during an opening ceremony at the ministry. Lee Hye-hoon, a former three-term lawmaker from the conservative bloc, has been nominated to head the newly created ministry.