Hong Nam-ki Proposes 'Special Drawing Rights Allocation and Expansion of Central Bank Swaps' at G20 Video Conference
2nd G20 Special Finance Ministers and Central Bank Governors Virtual Meeting
Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is attending the "2nd G20 Special Video Conference of Finance Ministers and Central Bank Governors" held on the 31st of last month at the Government Seoul Office in Gwanghwamun, Seoul, to discuss the global economy and measures to respond to the COVID-19 pandemic.
View original image[Asia Economy Reporter Joo Sang-don] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, proposed to G20 member countries on the 31st the allocation of Special Drawing Rights (SDR) and the expansion of central bank swaps, measures implemented during the global financial crisis. Currency swaps are foreign exchange transactions in which different currencies are mutually exchanged at a predetermined exchange rate at a specified time, and SDRs are external reserve assets issued by the International Monetary Fund (IMF) and allocated to member countries.
On the same day, Deputy Prime Minister Hong attended the 2nd G20 Special Finance Ministers and Central Bank Governors Meeting held via video conference and stated, "Enhancing the IMF's functions is an urgent task to strengthen the global financial safety net."
He also explained, "As a co-chair country of the International Financial Architecture Working Group (IFA WG), we will review all possible measures together with member countries and the IMF," adding, "We plan to submit specific proposals at the April Finance Ministers Meeting."
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This G20 Special Finance Ministers Meeting was convened urgently for the second time following the meeting on the 23rd of last month. The meeting reviewed detailed work plans for the G20 Action Plan agreed upon at the G20 Special Summit, discussed issues related to debt vulnerabilities in low-income countries, and ways to expand the IMF's support functions to strengthen the global financial safety net. According to the Ministry of Economy and Finance, member countries agreed to promptly materialize the G20 Action Plan according to the schedule proposed by the chair country, considering the urgency of the matter.
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