The South Korean economy has lacked clear leadership for over a month since the scandal-ridden President Park Geun-hye named the top financial regulator as the new finance minister in early November.

As the embattled Park faces an impeachment vote from the National Assembly this Friday, it is all the more unclear whether incumbent Finance Minister Yoo Il-ho will continue to lead the ministry or Financial Services Commission Chairman Yim Jong-yong will be able to replace Yoo.

The latest setback from the leadership vacuum came when Japan’s Finance Minister Taro Aso said at a press briefing Friday that negotiations between South Korea and Japan over a currency swap deal have stalled due to Korea’s political uncertainties.

The Finance Ministry hurriedly released a refuting statement that the negotiations are still underway.

On Monday, other economy-related ministries such as the Trade Ministry would have released its own policy plan for 2017, following the parliament and the government’s Saturday agreement on the 2017 budget plan. The move would have been crucial as the country faces downward trends in almost all sectors as growth prospects for major industries remain bleak, exports continue to drop, consumer prices soar and household debt increases.

However, the ministries remained silent Monday, apparently mindful of the upcoming impeachment vote this week.

On Nov. 2, Park named Yim as new deputy prime minister as well as Kim Byong-joon as new prime minister to divert public anger sparked by the influence-peddling scandal over her confidante Choi Soon-sil.

However, Yim lost the momentum to take over Yoo’s post, as opposition parties immediately boycotted parliamentary hearings on all designations.

Although Park can legally push ahead with the nomination one month after requesting a hearing at parliament, the scenario is unlikely as Park faces 2.3 million people’s protest calling on her to step down as of last Saturday’s tally on the candlelight vigil.

If the impeachment vote passes the Assembly this week and Prime Minister Hwang Kyo-ahn takes over as acting president, opposition parties are expected to re-discuss whether to replace Yoo with Yim or with a third person.

Government officials mostly agree that there is no candidate that can lead the Finance Ministry better than Yim, who is a widely respected technocrat. Yim worked as director general of the economic policy bureau at the Finance Ministry to contain the fallout of the 2008 global financial crisis under then-Finance Minister Yoon Jeung-hyun.

However, critics of Yim say he largely contributed to the snowballing of household debt since he took office as FSC chief in March last year. Under Yim, the FSC has delayed corporate restructuring in ailing industries such as shipbuilding and shipping, Yonsei University’s economics professor Sung Tae-yoon noted.

If the impeachment vote fails to get a parliamentary agreement, Park who takes back the control over state affairs can request a hearing on Yim again at the parliament. If the Assembly, where opposition lawmakers take a majority seat, reject it, Park might keep the incumbent Yoo until the end of the Park administration or replace him with a third person, observers noted.

Over growing uncertainties, a Finance Ministry official, who requested anonymity, said the ministry is trying to stay “as normal as possible.”

“Regardless of who becomes our leader, we are trying to stay focused on our job,” the official said.

“The economic policy bureau is working to devise the economic policies for next year as scheduled,” he said.

By Kim Yoon-mi (yoonmi@heraldcorp.com)