Hong Nam-ki at IMFC: "Global Emergency Due to COVID-19... Urgent Measures and Cooperation Needed"
Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is delivering a keynote speech on policy responses for economic recovery, including experiences in responding to COVID-19 suppression and minimizing economic shocks, by attending the 'IMFC Meeting on COVID-19' via conference call at the Government Seoul Office in Gwanghwamun, Seoul, on the evening of the 4th.
View original image[Sejong=Asia Economy Reporter Joo Sang-don] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, urged on the 4th, "Since this is an extraordinary situation worldwide, extraordinary measures and cooperation are necessary."
On this day, Deputy Prime Minister Hong attended the International Monetary Fund (IMF) International Monetary and Financial Committee (IMFC) conference call and stated in his leading remarks, "COVID-19 is a significant global risk affecting the world economy, and there are limitations to responses by individual countries alone."
At the meeting, Hong explained the Korean government's efforts in COVID-19 prevention and economic response. He emphasized, "It is inappropriate to simply compare countries based solely on the number of confirmed cases without considering Korea's rapid diagnostic capabilities and early detection efforts." He added, "Regarding economic response, we are already implementing a comprehensive package worth 20 trillion won to support damage recovery and economic response, and have additionally prepared a supplementary budget of 11.7 trillion won."
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Meanwhile, the IMFC assessed that uncertainty is rising due to the impact of COVID-19 on the global economy and financial markets, and that short-term growth prospects are being hindered. Accordingly, it adopted a statement urging to mitigate these impacts, provide necessary support to vulnerable countries, and for the IMF to assist countries requiring financial support.
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