Choi Sangmok Requests Support for Addressing Policy Uncertainty at IMFC Meeting

Deputy Prime Minister Choi Attends IMFC Meeting in Washington
Emphasizes IMF's Role as a "Trusted Policy Advisor" Amid Global Uncertainty

The Ministry of Economy and Finance announced on the 27th that Deputy Prime Minister and Minister of Economy and Finance Choi Sangmok attended the International Monetary and Financial Committee (IMFC) as a representative of a member country in Washington DC, USA, on the 25th (local time).

During the meeting, Deputy Prime Minister Choi emphasized that it is more important than ever for the IMF to play its role as a "trusted policy advisor" amid heightened trade tensions and uncertainty. He also requested that the IMF actively support member countries in navigating uncertain situations by providing policy analysis and recommendations tailored to the circumstances of each country.

Deputy Prime Minister and Minister of Economy and Finance Choi Sangmok is meeting with German Finance Minister Olaf Scholz at the International Monetary Fund (IMF) in Washington DC, USA, on the 24th (local time). Photo by Yonhap News Agency

In addition, Deputy Prime Minister Choi pointed out that structural changes such as climate change and increased trade policy risks are exacerbating the difficulties faced by low-income and vulnerable countries. He urged continued support for capacity building and debt sustainability for these countries.

Member countries agreed that policy uncertainty is a major risk factor for the global economy and decided to respond through macroeconomic surveillance, strengthening lending capacity, structural reforms, and international cooperation.

On the occasion of this meeting, Deputy Prime Minister Choi also held a series of meetings with German Finance Minister Joerg Kukies, European Commission Executive Vice President Valdis Dombrovskis, Luxembourg Finance Minister Gilles Roth, and Ukrainian Finance Minister Serhii Marchenko. He also met with Marie Diron, Global Head of Sovereign Ratings at Moody's, to explain government policies such as the prompt formulation of an extra budget to respond to uncertainties including U.S. trade policy.