Deputy Prime Minister Choo Kyung-ho Meets S&P, Says "Will Maintain Sound Fiscal Policy, Exemplary Inflation Management"

Annual Visit of the S&P Delegation to Korea for Consultations

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho (left) is meeting with the annual consultation team of the international credit rating agency Standard & Poor's (S&P) at the Government Seoul Office in Jongno-gu, Seoul, on the 28th.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho met with the Standard & Poor's (S&P) consultation team and emphasized that "the sound fiscal policy stance will continue going forward."

According to the Ministry of Economy and Finance on the 28th, Deputy Prime Minister Choo met with Kim Eng Tan, Senior Director in charge of Asia-Pacific sovereign credit ratings at S&P, and Andrew Wood, Director, who visited Korea for their annual consultation. Choo stated, "The strong efforts to enhance fiscal soundness, which have been consistently pursued since the launch, are actively reflected in the 2024 budget to be announced tomorrow," and added, "We are closely cooperating with the National Assembly to ensure the passage of the fiscal rules bill during the regular session."

The Ministry of Economy and Finance reported that S&P expressed agreement with Korea's policy response direction and actively supports the combination of our government's policy measures.

Furthermore, Deputy Prime Minister Choo said, "The recent consumer price inflation rate has slowed to the 2% range, managing inflation more exemplary than any other advanced country," and forecasted, "The recovery trend will gradually strengthen, supported by a semiconductor-centered export recovery and solid consumption based on favorable employment trends."

He also stated, "Regarding domestic and external risk factors caused by the US monetary tightening, we are closely coordinating and responding with related institutions such as the Bank of Korea, Financial Services Commission, and Financial Supervisory Service, centered on the Ministry of Economy and Finance," and added, "Thanks to these efforts, major financial and foreign exchange market indicators are being managed stably."

The S&P consultation team will conduct annual consultations with the Ministry of Foreign Affairs, Ministry of Trade, Industry and Energy, Financial Services Commission, Bank of Korea, and others until the 30th, starting with the meeting with Deputy Prime Minister Choo.