APEC Fiscal Cooperation Annual Meeting... Vice Minister of Economy and Finance: "All Countries Face the Challenge of Normalizing Fiscal Expenditure"

[Asia Economy Sejong=Reporter Kwon Haeyoung] At the Asia-Pacific Economic and Financial Cooperation (PEMNA) annual meeting, the government emphasized the need to normalize fiscal spending and introduced plans to establish the mid-to-long-term fiscal strategy 'Fiscal Vision 2050.'

The Ministry of Economy and Finance announced on the 27th that it will jointly hold the 2022 PEMNA annual meeting with the World Bank (WB) at the Four Seasons Hotel in Seoul.

Marking the 10th anniversary of its launch, this PEMNA meeting is being held in person for the first time in three years. Eleven member countries from the Asia-Pacific region, including Korea, Indonesia, the Philippines, Thailand, and Vietnam, along with the WB and the European Union (EU), will share national trends under the theme of 'Ensuring Fiscal Soundness and Sustainability in the Post-COVID Era.'

Choi Sang-dae, the 2nd Vice Minister of the Ministry of Economy and Finance, said in his welcoming remarks, "Over the past three years, expansive fiscal policies have inevitably increased fiscal spending, placing a significant burden on fiscal management. Now, all countries face the challenge of normalizing fiscal spending."

He continued, "It is expected to be difficult to maintain an expansive fiscal stance amid the global high inflation situation. Our government is strongly promoting the establishment of a sound fiscal stance and fiscal system reforms," he explained.

He also announced plans to establish 'Fiscal Vision 2050.' Vice Minister Choi stated, "It will present the desirable future fiscal outlook for Korea in 2050, including the size of fiscal resources and the national debt ratio, and show the implementation plans for the tasks to achieve this." →