Deputy Prime Minister Choi Sang-mok Departs to Attend G20 Finance Ministers Meeting

16th-17th, Washington D.C., USA
Attendance at Korea-US-Japan Finance Ministers Meeting and WB Development Committee Meeting

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, will depart on the 16th to attend the Group of Twenty (G20) Finance Ministers' Meeting, the Korea-U.S.-Japan Finance Ministers' Meeting, and the World Bank (WB) Development Committee Meeting. These meetings will be held from the 17th to the 19th in Washington D.C., USA.

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is attending the Emergency Macroeconomic and Financial Meeting held at the Bankers' Hall in Jung-gu, Seoul on the 21st. Attending the closed meeting were Kim Ju-hyun, Chairman of the Financial Services Commission; Lee Chang-yong, Governor of the Bank of Korea; and Lee Bok-hyun, Governor of the Financial Supervisory Service. Photo by Jo Yong-jun jun21@

On the 17th, Deputy Prime Minister Choi will attend the Korea-U.S.-Japan Finance Ministers' Meeting, held in accordance with the agreement reached at last year's Korea-U.S.-Japan Summit. At the Ukraine Support Meeting (Round Table), he will announce follow-up measures for the $2.3 billion Ukraine support package pledged by President Yoon Suk-yeol during the G20 Summit last September. Then, in the first session of the G20 Finance Ministers' Meeting, he will propose the need to strengthen cooperation with various stakeholders, including the private sector, to achieve carbon neutrality and a just transition.

On the following day, the 18th, during the second session of the G20 Finance Ministers' Meeting, he will deliver a leading speech presenting measures to improve the international financial system for sustainable growth, including reforms of Multilateral Development Banks (MDBs) in response to the new international financial environment. On the final day, the 19th, Deputy Prime Minister Choi will attend the WB Development Committee Meeting to discuss the implementation plan of the WB development strategy led by the WB, which was prepared in Marrakech last October.

Deputy Prime Minister Choi will also hold meetings with finance ministers from key countries such as Japan and Ukraine. On the 16th, he will meet Suzuki Shunichi, Japan’s Minister of Finance, to discuss cooperation between Korean and Japanese financial authorities. On the 19th, he plans to sign a basic agreement on the Korea-Ukraine Economic Development Cooperation Fund (EDCF) to establish the legal basis for medium- to long-term support packages for Ukraine with Sergii Marchenko, Ukraine’s Minister of Finance.

Additionally, Deputy Prime Minister Choi is scheduled to hold bilateral meetings with heads of international financial institutions such as the WB and the Inter-American Development Bank (IDB). On the 19th, he will meet the IMF Managing Director to conduct a signing ceremony for Korea’s contribution to the Poverty Reduction Growth Trust Fund. On the same day, he will meet Roberto Sifon-Arevalo, Global Head of Sovereign Ratings at Standard & Poor’s (S&P), to explain Korea’s economic situation and policy directions for 2024.