Deputy Prime Minister Hong Nam-ki at G20: "Concerns over Russia's use of force... Negative impact on global economy"

G20 Finance Ministers Meeting Press Conference
Emphasizing Strengthening Safety Nets for Vulnerable Groups... "Commitment to Actively Support Ukraine Within Possible Limits"

[Asia Economy Washington (USA) = Reporter Kwon Haeyoung] Hong Namgi, Deputy Prime Minister and Minister of Economy and Finance, strongly pointed out at the G20 Finance Ministers' Meeting that the use of force against civilians related to Russia's invasion of Ukraine and the negative ripple effects on the global economy are concerning. At the IMF and World Bank (WB) ministerial emergency meetings, active discussions were held on ways to support Ukraine.

Deputy Prime Minister Hong stated at a press conference held in Washington DC on the 21st (local time), "During the G20 session presentation, I conveyed concerns about Russia's war in Ukraine violating the United Nations (UN) Charter, the use of force, and the ripple effects on the global economy."

The G20 Finance Ministers' Meeting focused on discussing the economic ripple effects of Russia's invasion and war in Ukraine. Even before the G20 meeting, the biggest issue was whether Russia would attend the meeting, with the United States and European countries strongly opposing Russia's attendance, even mentioning a boycott.

In this process, Deputy Prime Minister Hong coordinated on issues such as Russia's attendance and operational methods through bilateral consultations with Indonesia, the G20 chair country, and the Group of Seven (G7). At the G20 meeting, he also emphasized the need for efforts to enhance economic productivity, such as strengthening safety nets for vulnerable groups and green and digital transitions for sustainable growth.

The government expressed its willingness to provide active support within possible limits at the IMF and WB ministerial emergency meeting held that day to support Ukraine. It also explained that the Korean government had previously decided to provide humanitarian aid worth 40 million dollars.

At the meeting, discussions were held on maintaining essential government services in Ukraine and large-scale financial support needed for future reconstruction projects. The WB and IMF proposed package support plans of 3 billion dollars and 1.4 billion dollars, respectively, through a joint statement.

Deputy Prime Minister Hong attended the G20 Finance Ministers' Meeting held in Washington DC that day and said, "Thorough analysis and international response to the transmission channels of the Ukraine war are necessary." On that day, Hong presented measures to respond to global economic risks and conveyed the Korean government's position on enhancing the safety net and resilience of the international financial system.

He urged, "Fiscal policy must be a robust social safety net," and called for "policy support to strengthen mid- to long-term growth engines such as green and digital transitions to ensure that the scars of the pandemic and war do not remain."

Also, at this meeting, Deputy Prime Minister Hong emphasized the preparation of guidelines clarifying the procedures and deadlines for debt restructuring of low-income countries to strengthen support for vulnerable countries. He welcomed the establishment of the Recovery and Sustainability Trust (RST) led by the IMF in early May, reaffirmed Korea's contribution commitment (900 million Special Drawing Rights), and urged active participation. Furthermore, he emphasized that efforts to expand the lending capacity of multilateral development banks to low-income countries must produce effective results.

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