Choo Kyung-ho: "End the Russia-Ukraine War and Eliminate Protectionism"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is speaking at the 'G20 Finance Ministers and Central Bank Governors Meeting' held on the 12th at the plenary hall in Marrakech, Morocco. Photo by Ministry of Economy and Finance

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho called for an end to the Russia-Ukraine war and the resolution of protectionism at the G20 Finance Ministers and Central Bank Governors Meeting.

On the 13th (local time), Deputy Prime Minister Choo attended the G20 Finance Ministers and Central Bank Governors Meeting held in Marrakech, Morocco, and stated, "Let us end the Russia-Ukraine war and resolve protectionism," adding, "We need to discuss supply chain stability at the G20." This implies the necessity to restore supply resilience amid growing global downside risks caused by worldwide inflation and supply shocks.

The meeting was attended by G20 countries as well as invited nations such as the Netherlands, Switzerland, and the United Arab Emirates (UAE), along with representatives from international financial institutions including the International Monetary Fund (IMF) and the World Bank (WB). The sessions were divided into the 'Global Economy and Virtual Assets' session held that day and the 'Multilateral Development Bank (MDB) Reform' session held the previous day.

Deputy Prime Minister Choo said, "The global economy is facing increased uncertainty in financial markets due to high debt levels, monetary tightening, and the continued strength of the US dollar," emphasizing that "preemptive international cooperation is necessary to restore financial stability." He also stressed the need to secure fiscal soundness and actively pursue regulatory innovation to regain growth momentum in preparation for uncertainties.

Member countries shared the view that despite the global economic recovery, uncertainties remain high. Although inflation rates are decreasing in some countries, core inflation risks persist, and downside risks such as geopolitical conflicts and climate disasters continue.

During the MDB reform session held the previous day, discussions were held on cooperation among recipient countries, the private sector, and shareholders. Deputy Prime Minister Choo stated, "Considering South Korea's experience as a former recipient country, active participation and capacity building of recipient countries are crucial to improving the efficiency of development projects," and added, "MDBs should cooperate by designing projects led by recipient countries and expanding capacity-building projects for developing countries."

He further advised, "To expand the insufficient financial capacity of MDBs, private sector participation is essential, and reflecting on our experience in revitalizing private investment projects, we must provide groundbreaking incentives for private sector involvement."

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