Deputy Prime Minister Choo Kyung-ho Attends G20 Finance Ministers and Central Bank Governors Meeting

The Ministry of Economy and Finance announced that Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho will depart on the afternoon of the 9th to attend the G20 Finance Ministers and Central Bank Governors Meeting.

Deputy Prime Minister Choo is scheduled to hold meetings with CEOs of Blackstone, BNY Mellon, and Goldman Sachs in New York on the 10th and 11th. He plans to explain the Korean economic situation, the government's economic response, and efforts to expand growth potential, while emphasizing the soundness of domestic financial institutions and the stability of the foreign exchange and financial markets.

Additionally, given the recent increase in uncertainty in international financial markets, he will discuss future outlooks and major risk factors with CEOs of global asset management firms and banks.

Deputy Prime Minister for Economy Choo Kyung-ho is attending the Emergency Economic Measures Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 24th, delivering opening remarks. Photo by Dongju Yoon doso7@

On the 12th, he will attend the World Bank Development Committee (DC) meeting. The government plans to participate in this meeting as a member country to discuss the World Bank's mission and role, including its "medium- to long-term development plan."

Deputy Prime Minister Choo will emphasize that the World Bank's role is increasingly important at this time in responding to global crises such as climate change and pandemics, as well as in poverty reduction, shared prosperity, and enhancing the resilience of developing countries. He will also request international attention to the "60th Anniversary International Conference on Economic Development Plans," which shares Korea's development and growth experience, and the "Korea Innovation Report" to be announced on this occasion.

Deputy Prime Minister Choo will attend the 2nd G20 Finance Ministers and Central Bank Governors Meeting of 2023 over two days, the 12th and 13th.

This meeting will be held in person in Washington D.C., linked with the Spring Meetings of the International Monetary Fund (IMF) and the World Bank (WB). Representatives from G20 member countries and invited countries, including finance ministers, central bank governors, IMF, WB, and the Organisation for Economic Co-operation and Development (OECD), will participate.

At this meeting, Deputy Prime Minister Choo plans to speak on the need for active and swift cooperation among policy authorities, related agencies, and countries to restore global economic connectivity and resolve financial instability.

On the 12th, he will meet with Ilan Goldfajn, President of the Inter-American Development Bank (IDB), to discuss strengthening cooperation to promote exchanges between Korean and Latin American private companies through the joint hosting of the 1st Korea-Latin America Innovation Forum, expansion of IDB trust funds and Economic Development Cooperation Fund (EDCF) concessional loans, and support for social and economic development in the Latin American region.

On the 13th, he will hold a trust fund signing ceremony for the Green Recovery Innovation Fund with Makhtar Diop, CEO of the International Finance Corporation (IFC) under the World Bank Group, and discuss ways to strengthen cooperation between Korea and the IFC. On the same day, Deputy Prime Minister Choo will meet with Kristalina Georgieva, Managing Director of the IMF, to sign the 3rd Korea-IMF Technical Cooperation Fund (KSA) contribution agreement. Following the signing ceremony, they will hold talks on global economic trends, the outlook for the Korean economy, and the 16th IMF quota general review.

Deputy Prime Minister Choo also plans to hold meetings with finance ministers of Germany and Poland. On the 12th, he will meet Magdalena Rzeczkowska, Poland’s Minister of Finance, to exchange views on strengthening economic cooperation between the two countries, including support for defense exports. On the 13th, he will meet Christian Lindner, Germany’s Minister of Finance, to discuss efforts to stabilize the global financial market, including responses to recent banking sector instability, and to strengthen trade cooperation with Europe.

Finally, Deputy Prime Minister Choo plans to meet with global heads of sovereign credit ratings from Fitch and S&P during this visit to the United States. Moody’s recently visited Korea for its annual consultation and met with Deputy Prime Minister Choo.

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