Deputy Prime Minister Hong Nam-ki to Hold Video Meeting with Moody's on the 25th... Sharing Fiscal Management Status

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Economy and Finance Photo by Yonhap News

[Asia Economy Sejong=Reporter Son Seon-hee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is scheduled to meet with Ann Van Prague, Global Head of Sovereign Ratings at Moody's, on the 25th to share the current status of fiscal management.

On the 21st, the Ministry of Economy and Finance stated regarding the meeting between Deputy Prime Minister Hong and Head Prague, "We plan to share recent economic trends, economic policy directions for a full recovery and leap towards a leading economy, and the current status of fiscal management." Considering COVID-19 prevention measures, the meeting will be held via video conference again this year.

Moody's, one of the world's three major credit rating agencies, conducts annual consultations with the Korean government. This year, from the 21st to the 28th, a delegation including Jin Fang, Deputy Head of Sovereign Ratings for the Asia-Pacific region, Christian de Guzman, Senior Director, and Anushka Shah, Director in charge of Korea, has been formed.

The Moody's delegation will discuss recent economic and fiscal trends and outlooks, the Korean New Deal, carbon neutrality, and other major policy achievements and plans through a video conference with the Ministry of Economy and Finance on the day. Subsequently, they will hold a series of consultations with the National Assembly Budget Office (22nd), Financial Services Commission (23rd), Ministry of Unification (24th), and Bank of Korea (28th) to discuss economic trends and outlooks related to Korea's sovereign credit rating, monetary policy, inter-Korean relations, and other major policy responses. Moody's typically announces the results, including Korea's sovereign credit rating, about two to three months after the annual consultation.

Meanwhile, with the National Assembly poised to pass a supplementary budget (추경) of 17.5 trillion won, Deputy Prime Minister Hong firmly opposed the ruling and opposition parties' demands for large-scale increases during the Budget and Accounts Special Committee review process, stating, "Based on consultations with rating agencies over the past two to three years, they have evaluated that while the government plays a role regarding national debt, the fiscal authorities are also making efforts," but added, "I think we have now reached the limit."

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