Bang Gi-seon, Deputy Minister of Economy and Finance, "Actively Considering Economic Support for Ukraine"

[Asia Economy Sejong=Reporter Kwon Haeyoung] Bang Giseon, First Vice Minister of the Ministry of Economy and Finance, attended the OECD Ministerial Council Meeting and announced that Korea will actively consider economic support for Ukraine.

According to the Ministry of Economy and Finance on the 11th, Vice Minister Bang conveyed this intention at the OECD Ministerial Council Meeting held in Paris, France, from the 9th to 10th (local time).

Vice Minister Bang stated, "The Korean government will participate in Ukraine support programs of multilateral development banks such as the European Bank for Reconstruction and Development (EBRD) by utilizing Korea’s trust funds and reserves," and emphasized, "We will also actively consider Official Development Assistance (ODA) support such as the Economic Development Cooperation Fund (EDCF) in preparation for Ukraine’s large-scale infrastructure development needs in the future."

He also expressed sorrow over the numerous precious lives lost due to the Russia-Ukraine war and called for respect for Ukraine’s sovereignty, territory, and independence, as well as an end to the conflict.

The OECD Ministerial Council Meeting is an annual event where ministers of finance, economy, and foreign affairs from 38 member countries gather to discuss the global economy and international issues and set the direction for OECD operations for the coming year. This meeting discussed topics under the theme "The Future We Want: Better Policies for the Next Generation and Sustainable Transitions," including the impact of the Ukraine situation, youth policies for a better future, infectious disease response, and green transition. The OECD Ministerial Declaration strongly condemned Russia’s invasion of Ukraine and rejected protectionism such as export controls on food, critical minerals, and energy.

Taking advantage of the OECD Ministerial Council Meeting, Vice Minister Bang held bilateral meetings on the 9th with Yuriko Bax, Luxembourg’s Minister of Finance; Yoshiki Takeuchi, OECD Deputy Secretary-General; and Alex Contreras, Deputy Minister of Economy and Finance of Peru, to discuss mutual cooperation measures. On the 10th, he met with J?rgen Rigterink, Senior Vice President of the EBRD, at the EBRD headquarters in London, UK, and signed agreements to contribute an additional $1 million each to the Korea Technical Advisory Cooperation Fund and the Sustainable Infrastructure Fund. He also signed an agreement to support €2 million from the EBRD’s multilateral trust fund for small and medium enterprises, the SME Support Fund, for SMEs in Ukraine and neighboring countries.

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