Kim Beom-seok, Deputy Minister of Economy and Finance, "Closely Monitoring the Rapidly Changing International Development Cooperation Environment"

Kim Beom-seok, First Vice Minister of Strategy and Finance, instructed to closely monitor the rapidly changing international development cooperation environment following the inauguration of the new U.S. administration on the 21st.

On the same day, at the 'International Financial Institutions Current Issues Review Meeting' held at the government complex in Jongno-gu, Seoul, Vice Minister Kim discussed with dispatched staff from international organizations the economic and financial market impacts and response measures according to policy changes of the second Trump administration, and announced this directive. Participants also discussed the policy directions for international development assistance (ODA) and climate change international development cooperation.

At the International Monetary Fund (IMF) Board of Directors meeting, a report was given on this year's global economic outlook and the assessment of the Korean economic situation. The IMF cited ongoing domestic and international uncertainties and policy changes of the new U.S. administration as downside risk factors. Other organizations shared trends of withdrawal from international organizations and climate agreements following the Trump administration's inauguration, progress on cooperation projects with Korea, and efforts to support entry into international financial institutions.

Meanwhile, Vice Minister Kim emphasized the need to strive for securing national interests such as the advancement of Korean personnel and companies into MDBs, and to pay attention to collaboration with organization officials to strengthen performance management of international financial institution contribution projects.

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