G20 Emergency Video Conference Held... Hong Calls for Easing Human and Material Movement Restrictions and Strengthening Financial Safety Nets

Georgieva IMF Managing Director "COVID-19 Spread Requires Bold Fiscal and Monetary Policies"

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, conveyed to Saudi Arabia, the chair country of the Group of Twenty (G20), that "international cooperation on macroeconomic policies, easing restrictions on human and material movement, and strengthening the global financial safety net should be well reflected in the forthcoming action plan."

Deputy Prime Minister Hong made these remarks on the 23rd (local time) while attending the special video conference of G20 finance ministers and central bank governors. This G20 finance ministers meeting was an unscheduled meeting decided on the 20th.

At this meeting, the impact of the novel coronavirus disease (COVID-19) and each country's policy response efforts were shared, and discussions were held on preparing an action plan at the G20 level.

Regarding Korea's quarantine response, Deputy Prime Minister Hong emphasized, "The number of confirmed cases per day has steadily decreased to around 100," and added, "Sharing quarantine experiences between countries and close international cooperation are important."

Concerning economic response, he said, "A comprehensive package program worth a total of 82 trillion won has already been activated," and "A considerably large financial safety package will be additionally announced."

Furthermore, he proposed analyzing the adverse effects of excessive restrictions on human and material movement on the real economy by international organizations such as the World Health Organization (WHO), International Monetary Fund (IMF), and Organisation for Economic Co-operation and Development (OECD), and reviewing international cooperation measures.

Kristalina Georgieva, Managing Director of the IMF, stated, "Due to the spread of COVID-19, many difficulties are expected this year," and added, "For a rapid recovery, it is a time when more bold fiscal and monetary policies and close international cooperation are necessary."

G20 member countries shared their measures and agreed to actively cooperate to ensure that the action plan is well prepared.

Meanwhile, the next G20 finance ministers and central bank governors meeting will be held remotely on the 15th of next month.

This content was produced with the assistance of AI translation services.