World Bank President: "South Korea Achieves Inflation Control... Economy Relatively Strong"

Deputy Prime Minister Choo Kyung-ho Meets WB President in Washington
WB President: "Korean Economy Relatively Strong"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, who is visiting Washington DC, USA to attend the G20 Finance Ministers Meeting and the IMF/WB Annual Meetings, shakes hands with David Malpass, President of the World Bank (WB), on the 12th (local time) at the World Bank headquarters before their meeting. (Photo by Ministry of Economy and Finance)

[Asia Economy Washington DC=Reporter Moon Jewon] David Malpass, President of the World Bank (WB), assessed the South Korean economy as "relatively favorable, showing tangible results such as curbing inflation."

The Ministry of Economy and Finance stated that during a meeting with President Malpass in Washington DC on the 12th (local time), Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho asked, "How do you view the current situation of the South Korean economy amid the generally difficult global economic conditions?" and received this response.

President Malpass emphasized that South Korea is an important partner of the World Bank and expressed gratitude for South Korea's supplementary funding for the 20th replenishment of the International Development Association (IDA) in December last year and its continuous contributions to trust funds.

The IDA is an institution under the World Bank that provides long-term, interest-free loans to low-income developing member countries to promote economic development and improve living standards.

Deputy Prime Minister Choo requested President Malpass's attention to expanding Korean human resources within the World Bank and invited him to visit Korea for the 10th anniversary event of the Korea Office, a representative cooperation channel between Korea and the World Bank, to be held in Seoul next April.

In response, President Malpass highlighted the importance of the Korea Office for strengthening future cooperation between Korea and the World Bank and expressed his expectation to enhance collaboration with the Korean government on global cooperation issues such as climate change response.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is attending the Climate Action Finance Ministers' Meeting held at the International Monetary Fund (IMF) in Washington, USA, on the 12th (local time). (Photo by Ministry of Economy and Finance)

On the same day, Deputy Prime Minister Choo also attended the 8th Ministerial Meeting of the Climate Action Finance Ministers' Coalition held under the theme "Economic Policy Challenges for Green Transition," where he introduced South Korea's energy mix policy.

The meeting was attended by finance ministers from 25 countries including the United States, Indonesia, and Italy, as well as heads of major international organizations such as the International Monetary Fund (IMF) and the European Bank for Reconstruction and Development (EBRD), totaling 78 member countries.

Deputy Prime Minister Choo emphasized the role of public funds in supporting innovative technology development and sustainable energy transition, low-carbon transition through green budgets and climate response funds, and supporting green transition in developing countries.

He also announced South Korea's plan to contribute to its first Adaptation Fund (a fund established in 2001 under the United Nations Framework Convention on Climate Change to support projects minimizing climate change damage in developing countries) to expand climate finance for developing countries.

Washington DC=Reporter Moon Jewon

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