Deputy Prime Minister Hong Departs for G20 Finance Ministers Meeting and IMFC... Also to Meet US Secretary Yellen

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Economy and Finance [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Son Seon-hee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, will depart on the 12th to attend the G20 Finance Ministers and Central Bank Governors Meeting and the International Monetary and Financial Committee (IMFC) meeting held in Washington, USA.

During this trip, Deputy Prime Minister Hong is scheduled to hold bilateral meetings with finance ministers of member countries such as the United States and Argentina, as well as with the heads of the International Monetary Fund (IMF), World Bank (WB), and Inter-American Development Bank (IDB).

On the 13th (local time), Hong will attend the 4th G20 Finance Ministers and Central Bank Governors Meeting. This is the last finance ministers' meeting of the year in preparation for the G20 Summit to be held in Rome, Italy, on the 30th and 31st. Finance ministers and central bank governors of G20 member and invited countries, along with representatives from major international organizations such as the IMF, WB, and the Organisation for Economic Co-operation and Development (OECD), are expected to attend.

The finance ministers' meeting will be conducted in four sessions: ▲Global Economy ▲Global Public Goods and Support for Vulnerable Countries ▲Financial Issues ▲International Taxation. Deputy Prime Minister Hong will emphasize the importance of macroeconomic policy coordination and the restoration of free trade to effectively respond to major global economic risks such as uneven recovery among countries after the COVID-19 pandemic and disruptions in global supply chains. Additionally, he plans to urge G20 efforts including reforming the global health cooperation system and accelerating debt restructuring procedures to support low-income countries.

Discussions will also cover climate change responses such as carbon pricing systems and the introduction of digital taxes.

The IMFC meeting scheduled for the 14th will be held under the theme "World Economic Outlook and IMF’s Global Policy Agenda." Hong will highlight the IMF’s role in supporting low-income countries, adapting to new policy paradigms, and transitioning to green and digital economies. He will call for responses such as expanding concessional funds for low-income countries using Special Drawing Rights (SDR) for COVID-19 recovery in vulnerable countries and establishing recovery and sustainability funds.

Deputy Prime Minister Hong is also expected to hold a bilateral meeting with U.S. Treasury Secretary Janet Yellen during this event. They will discuss ways to strengthen economic and financial cooperation between Korea and the U.S., issues related to Iranian won funds, digital taxes, and key economic and multilateral consultation matters between the two countries.

He will also have separate meetings with the heads of the three major international financial institutions?IMF, WB, and IDB?to discuss ways to enhance cooperation.