G20 Working Group Meeting Held... Discussions on Food and Energy Crises, Strengthening Financial Safety Nets, etc.

Jeong Byeong-sik, Director of International Finance, Ministry of Economy and Finance, Attends Meeting

[Asia Economy Sejong=Reporter Kwon Haeyoung] Ahead of next year's major Group of Twenty (G20) Finance Ministers and Central Bank Governors meeting, working-level officials from each country will gather to discuss the impact of food and energy insecurity on the global economy and measures to address climate change.

According to the Ministry of Economy and Finance on the 11th, the first G20 finance meeting of 2023, the "1st G20 Deputy Finance Ministers and Central Bank Deputy Governors Meeting," will be held over two days from the 13th to 14th in Bengaluru, India.

The meeting will be attended by deputy finance ministers and central bank deputy governors from G20 member and invited countries, as well as representatives from international organizations such as the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD), to discuss the main agenda items for next year's G20 and the operational plans for the G20 meetings. The meeting will consist of seven sessions: ▲Global Economy ▲International Financial System ▲Infrastructure ▲Sustainable Finance ▲International Taxation ▲Global Health ▲Financial Regulation and Inclusion.

Jung Byung-sik, Director General for International Finance at the Ministry of Economy and Finance, plans to emphasize the importance of reviewing and forecasting the global economic situation amid ongoing uncertainties such as the Ukraine war, and the need for an objective assessment of the macroeconomic impact of the climate transition during his remarks at key sessions.

In the International Financial System session, for which Korea serves as co-chair of the working group, the main agenda items for next year will be explained. These include strengthening the financial capacity of multilateral development banks to respond to global crises such as climate change, providing political agreement within the G20 to complete the 16th IMF quota general review within the deadline, accelerating debt relief for vulnerable countries, and proposing policy mixes to address capital flow volatility as core agenda items.

Additionally, remarks will be made on promoting private sector investment to activate climate finance, sharing and reviewing the implementation status of the sustainable finance roadmap, and supporting developing countries' efforts toward climate transition. Strengthening cooperation between finance and health sectors will also be emphasized.

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