At the G20 Finance Ministers' Meeting, Hong Nam-ki to Lead Remarks... Proposal to Extend Debt Repayment Moratorium for Low-Income Countries Expected

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Economy and Finance. (File photo) [Image source=Yonhap News]

[Asia Economy Reporter Joo Sang-don] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is scheduled to attend the 4th G20 Finance Ministers and Central Bank Governors Meeting, which will be held virtually (via video conference) on the 14th.

The meeting will be attended by finance ministers and central bank governors from the G20 countries and invited nations, as well as representatives from major international organizations such as the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), and the World Bank (WB).

Korea, as a co-chair country of the International Financial Architecture Working Group, has actively contributed to setting the agenda and coordinating opinions for the finance ministers' meeting through participation in the chair group meetings and hosting working group meetings. It has also been actively preparing for the key outcomes of this meeting, including the extension of the Debt Service Suspension Initiative (DSSI) for low-income countries.

This G20 Finance Ministers Meeting will discuss ▲ the action plan update (draft) and debt service suspension for low-income countries ▲ international taxation ▲ and other financial issues.

In the first session, the global economic outlook and the G20 action plan update (draft) for COVID-19 response and the extension of the debt service suspension for low-income countries will be discussed. The second session will cover the digital tax blueprint recently proposed by the OECD-G20 Inclusive Framework (IF), and the third session will address other financial issues.

Deputy Prime Minister Hong plans to actively contribute to achieving outcomes by delivering a leading speech in the first session as a co-chair country of the G20 International Financial Architecture. In the first session, he will evaluate the achievements of the extension of the debt service suspension for low-income countries and the action plan update, which can be considered the biggest outcomes of this meeting, and provide recommendations for further progress. In the second session, he will call for solidarity to apply a differentiated approach to the introduction of the digital tax and to reach a final agreement promptly.

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