Choo Kyung-ho Departs for the U.S. to Attend G20 and IMFC Meetings... Korea Economic Briefing in New York

[Image source=Yonhap News]

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho will depart for the United States on the 10th to attend the Group of Twenty (G20) Finance Ministers' Meeting and the International Monetary and Financial Committee (IMFC) Meeting. On the 11th, he will hold the first Korean Economic Briefing since taking office in New York, USA.

According to the Ministry of Economy and Finance on the 7th, Deputy Prime Minister Choo will attend the 4th G20 Finance Ministers' Meeting held in Washington D.C. on the 12th and 13th. This meeting, held in a hybrid format of in-person and virtual participation, will be attended by finance ministers and central bank governors of G20 member countries, as well as representatives from major international organizations such as the International Monetary Fund (IMF), World Bank (WB), and Organisation for Economic Co-operation and Development (OECD).

The meeting will cover sessions on the global economy, international financial system, financial regulation, infrastructure, sustainable finance, and international taxation. In a situation where concerns about economic slowdown are growing due to recent supply chain disruptions, the meeting will seek joint response measures and discuss issues such as rapid capital inflows and outflows caused by monetary tightening and debt crises in vulnerable countries.

On the 14th, as a representative of an IMF Executive Board member country, he will attend the IMFC meeting to discuss the global economic situation, response measures, and the role of the IMF. The IMFC is an advisory body to the IMF Board of Governors composed of representatives from 24 member countries. South Korea and Australia rotate the IMF Executive Board membership every two years, with South Korea currently holding the position since November 2020.

Deputy Prime Minister Choo will hold meetings with the three major global credit rating agencies?Moody's, Fitch, and S&P?on the 13th and 14th. He will explain the Yoon Suk-yeol administration's core policy directions, including private sector, corporate, and market-centered economic management and structural reforms to enhance growth potential, and listen to the credit rating agencies' opinions on the Korean economy and policy directions.

On the 12th, Deputy Prime Minister Choo will meet consecutively with David Malpass, President of the World Bank, and Kristalina Georgieva, Managing Director of the IMF. He will also hold meetings with the Indian Finance Minister, the chair country of the G20 next year, and the Australian Finance Minister, a partner in supply chain cooperation. During the IMF meetings, they will exchange views on global economic risk factors.

On the 11th in New York, USA, the Korean Economic Briefing will be held. At the briefing, Deputy Prime Minister Choo will engage in candid discussions with overseas investors to assess their perspectives on the Korean economy and gather opinions on the new government's economic policy directions.

At the 8th Ministerial Meeting of the Climate Action Finance Ministers' Coalition held on the 12th, economic policy directions for the green transition will be discussed. This meeting will be attended by finance ministers from 78 member countries, including the United States, Japan, Germany, and Finland, as well as major international organizations.