Government to Hold IMF Virtual Annual Consultation from 11th to 25th... "Discussing Overall Korean Economy"

Discussion by the Ministry of Economy and Finance Begins on the 11th... Consultation with the Financial Services Commission and Bank of Korea

[Image source=Reuters Yonhap News]

[Sejong=Asia Economy Reporter Moon Chaeseok] The government announced on the 10th that from the 11th to the 25th, it will discuss the outlook of the Korean economy and overall policies through the annual consultation with the International Monetary Fund (IMF) this year.

The annual consultation is a meeting held every year between member countries and the IMF to review the economic situation of member countries based on the IMF Agreement (Article IV). Usually, the IMF mission team visits Korea to conduct the consultation, but considering the COVID-19 situation, it will be conducted entirely via video conference this year as well, following last year.

On the 11th, the IMF mission team plans to hold consultations with the Ministry of Economy and Finance regarding recent economic trends and outlook, COVID-19 response policies, and fiscal policies. Afterwards, they will discuss Korea's economic situation and overall policies with the Financial Services Commission, Financial Supervisory Service, Bank of Korea, Ministry of Land, Infrastructure and Transport, Ministry of Trade, Industry and Energy, Ministry of Employment and Labor, Ministry of Health and Welfare, Ministry of Environment, Ministry of Justice, Korea Development Institute (KDI), Korea Institute of Public Finance, Korea Housing Finance Corporation, and others.

The annual consultation schedule is expected to conclude on the 25th with the IMF mission team reporting the results of the meetings to Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki.

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