Deputy Prime Minister Koo Yoon-chul: "IMF Should Be an Architect of Cooperation, Not an Interpreter of Crises"

Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-chul called on the International Monetary Fund (IMF) to serve not as an "interpreter of crises," but as an "architect of cooperation," urging the IMF to play a central role in global macroeconomic policy coordination and multilateral collaboration.

Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-chul, visiting Washington D.C., USA to attend the G20 Finance Ministers Meeting and the International Monetary Fund (IMF) / World Bank Spring Meetings, is seen having a conversation with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), at the IMF on April 17 (local time). Ministry of Economy and Finance

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On April 17, Koo attended the International Monetary and Financial Committee (IMFC) meeting in Washington D.C., USA, as Korea’s representative to the IMF Board of Governors, where he made these remarks. During the meeting, he shared opinions with finance ministers and central bank governors from major countries on the impact of the recent Middle East conflict on the global economy, policy responses, and the IMF’s policy direction.

The IMF, through its Global Policy Agenda (GPA), diagnosed that the uncertainty facing the global economy is increasing due to the shock of the Middle East conflict. The IMF also emphasized the need for policy responses tailored to each country’s fiscal and monetary circumstances and stressed the importance of structural reforms to break away from global low growth.

In response, Koo stated, "We agree with the IMF’s recommendation that we must support vulnerable sectors while maintaining fiscal soundness. Korea is swiftly formulating and executing a supplementary budget without expanding national debt."

He also highlighted the need for structural reforms during the transition to artificial intelligence (AI) and expressed Korea’s intention to actively contribute to developing AI innovation capabilities in vulnerable countries.

Koo, at the invitation of France, which holds the G7 presidency, also attended two special sessions at the meeting of finance ministers and central bank governors-one on global imbalances and another on critical minerals.

He discussed with finance ministers from major countries such as the United States and Japan ways to strengthen G7-G20 cooperation to address global imbalances and to expand participation in multilateral development banks’ critical mineral cooperation projects.

Koo said, "Efforts by both surplus and deficit countries are necessary to minimize the negative spillover effects caused by global imbalances. In particular, if countries and economic blocs with economies of scale take the lead in expanding investment in human capital, such as AI education, and in pursuing structural reforms such as pension reform, then middle-income and emerging countries will also join in addressing these challenges."

Deputy Prime Minister and Minister of Finance and Economy Koo Yoon-chul, who is visiting Washington D.C., USA to attend the G20 Finance Ministers Meeting and the International Monetary Fund (IMF)/World Bank (WB) Spring Meetings, is meeting with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), on April 17 (local time) at the IMF. Ministry of Finance and Economy

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Koo also met with IMF Managing Director Kristalina Georgieva to explain Korea’s policy direction in responding to recent shocks while maintaining fiscal discipline. He further emphasized Korea’s commitment to actively contribute to building AI innovation capacity in vulnerable countries, centering on the Global AI Hub currently being established.

Managing Director Georgieva commented, "Korea has sufficient fiscal capacity, and Korea’s continued efforts to ensure medium-term fiscal soundness will be helpful for stable fiscal management going forward." She also expressed strong interest in Korea’s Global AI Hub initiative and agreed to explore ways to strengthen cooperation between the two sides to support the development of AI capabilities in vulnerable countries.

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