Vice Minister Ki meets with senior officials of international financial institutions... Urges cooperation for the Korean economy

[Asia Economy Sejong=Reporter Dongwoo Lee] Bang Gi-seon, the 1st Vice Minister of the Ministry of Economy and Finance, met consecutively with heads of international financial institutions to discuss ways to strengthen cooperation with Korea.

The Ministry of Economy and Finance announced that Vice Minister Bang Gi-seon held separate meetings on the 15th (local time) in Washington D.C., USA, with the Managing Director of the World Bank (WB) and the President of the Inter-American Development Bank (IDB). The meetings reaffirmed the positive evaluation of the Korean economy by international financial institutions and discussed ways to deepen cooperation between Korea and these institutions.

Vice Minister Bang met with Anshula Kant, Managing Director of the World Bank, and inquired about the World Bank’s views on the Korean economy amid the global expansion of uncertainties such as recent high inflation and deteriorating financial conditions. In response, Managing Director Anshula Kant said, "The fundamentals of the Korean economy remain very solid, and as the global economy moves beyond a slowdown, I am confident that the Korean economy will also recover a steady growth trend."

The Managing Director emphasized that Korea is an important cooperation partner of the World Bank and expressed gratitude for Korea’s support in the 20th replenishment of the International Development Association (IDA). She evaluated Korea’s economic achievements, having rapidly progressed from an IDA recipient country to a major IDA donor (ranked 15th among 53 countries). The IDA, established in 1960, is an institution within the World Bank Group that provides long-term interest-free loans to low-income developing member countries to promote economic development and improve living standards. Vice Minister Bang requested the Managing Director’s attention to expanding Korean personnel deployment within the World Bank and asked for the visit of a senior World Bank official to Korea for the 10th anniversary event of the Korea Office, a representative cooperation channel between Korea and the World Bank, scheduled for May, as well as for the '60th Anniversary Conference of the Korean Economy.'

Later that day, Vice Minister Bang introduced Korea’s 'New Growth 4.0' strategy during a meeting with Ilan Goldfajn, President of the IDB. President Goldfajn stated, "Korea’s innovative digital technology will greatly contribute to strengthening digital connectivity in Latin America, a key focus area of the Inter-American Development Bank." Vice Minister Bang requested President Goldfajn’s interest and support for the 1st Korea-Latin America Innovation Forum, a business forum co-hosted by Korea and the IDB as part of establishing strategic bases to promote and diversify exports to the Latin American region.

Bang Gi-seon, Vice Minister of Strategy and Finance, is taking a commemorative photo ahead of a meeting with Anshula Kant, Managing Director of the World Bank (WB), on the 15th (local time) in Washington D.C., USA.