Hong Nam-ki to Attend G20 Finance Ministers Meeting on the 7th... Discussing Post-Corona Policies

Discussion on Strengthening Global Economic Recovery and Addressing Inequality Issues

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, will attend the 2nd G20 Finance Ministers and Central Bank Governors Meeting held via video conference on the 7th of next month.

According to the Ministry of Economy and Finance on the 31st, the meeting will be attended by finance ministers and central bank governors of G20 member and invited countries, as well as representatives from international organizations such as the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), and the World Bank (WB).

The meeting will discuss topics including consolidating the global economic recovery, addressing inequality issues, and policy coordination directions for the post-COVID-19 era.

Deputy Prime Minister Hong is expected to assert, through a leading statement as co-chair of the international financial system, that "the Debt Service Suspension Initiative (DSSI) for low-income countries should be extended until the end of this year, and the fundamental principles of DSSI for structurally restructuring the debt of low-income countries must be implemented."

He will also emphasize G20’s policy coordination and proactive response on issues requiring multilateral cooperation, such as climate change, dispelling concerns about the early normalization of expansionary macroeconomic policies.

Meanwhile, to prepare for this meeting, the G20 Deputy Finance Ministers Meeting will be held on the 1st and 2nd of next month. The chief representative from Korea will be Yoon Tae-sik, Director General of International Economic Affairs at the Ministry of Economy and Finance. At the Deputy Ministers Meeting, a joint statement by the G20 finance ministers will be prepared, and working groups will conduct practical consultations on G20 action plans to finalize an agreement.

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