Hong Nam-ki Travels to the US and Singapore... Bilateral Meetings with Major Countries' Finance Ministers and IMF Managing Director

[Asia Economy Sejong=Reporter Kim Hyewon] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, will depart on the 17th to attend the Climate Action Finance Ministers’ Alliance meeting, the G20 Finance Ministers and Central Bank Governors meeting, and the International Monetary and Financial Committee (IMFC) meeting held in Washington D.C., USA. During this overseas trip, expected to be his last during his term, Deputy Prime Minister Hong plans to hold bilateral talks with finance ministers from major countries such as the United States, India, and Spain, as well as the IMF Managing Director and representatives from global financial firms like S&P and MSCI.

According to the Ministry of Economy and Finance on the 15th, Hong will attend the 7th Ministerial Meeting of the Climate Action Finance Ministers’ Alliance on the 19th. At this meeting, 71 member countries including the United States and Germany, along with major international organizations such as the World Bank (WB) and IMF, will discuss climate policy directions and carbon pricing systems in light of recent international developments. Hong will be the first among ten countries to speak in the session titled “Multilateral Approaches to Carbon Pricing,” introducing Korea’s emissions trading market and emphasizing that achieving carbon neutrality requires a combination of policy tools based on carbon pricing mechanisms such as emissions trading systems, along with non-price policies including fiscal support.

On the 20th, he will attend the 2nd G20 Finance Ministers and Central Bank Governors meeting. This hybrid meeting, held both in-person and virtually, will include finance ministers and central bank governors from G20 member countries as well as representatives from major international organizations such as the IMF, WB, and the Organisation for Economic Co-operation and Development (OECD). The Finance Minister of Ukraine is also expected to attend as a special invitee. The meeting will be conducted in four sessions covering the global economy, health, the international economic system, and sustainable finance.

The following day, he will participate in the IMFC meeting, where he plans to emphasize the IMF’s role in mitigating the impact of the Ukraine war, supporting vulnerable countries, IMF quota reform, and managing capital flows. He will also urge enhanced IMF-level support for Ukraine and affected countries, as well as encourage member countries’ participation in the newly established Resilience and Sustainability Trust (RST).

On the 21st, he will meet with Roberto Scipione-Aravello, Global Head of Sovereign Ratings at S&P, and on the 22nd, with Henry Fernandez, Chairman of MSCI. These meetings are expected to focus on maintaining the stability of Korea’s sovereign credit rating and discussions related to Korea’s inclusion in the MSCI Developed Markets Index. After completing his schedule in the United States, Hong will travel to Singapore to meet with senior local officials.

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