MEETING WITH IMF MANAGING DIRECTOR

Korea and IMF Continue to

Strengthen Cooperation on COVID-19 Response

Deputy Prime Minister Hong Nam-ki held virtual meeting with the Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva on October 21. The following is a summary of the meeting.

1. Global Economy

- DPM Hong suggested IMF to take the lead in discussion on mid-to-long term risks the world will face once the pandemic is under control.

2. Korea’s policy response to COVID-19

- Managing Director Georgieva evaluated that while COVID-19 damaged most of the world’s economy in general, Korea suffered the least among OECD countries due to Korea’s rapid response to COVID-19.

- DPM Hong mentioned the Korean government’s bold yet balanced economic recovery support including four rounds of supplementary budgets and disease prevention efforts were how Korea could minimize economic impact of COVID-19. DPM also pledged to share Korea’s COVID-19 response measures with IMF so it could be shared with other IMF member countries.

- DPM Hong also agreed on the need to support low-income economies hit hard by COVID-19 and expressed a willingness to join international support movement.

3. Strengthening cooperation between Korea-IMF

- The two sides both agreed that IMF, playing a major role in stabilizing global financial safety net, should secure sufficient loan resources to ease uncertainties in the world economy and finance. DPM Hong expressed Korean government’s utmost support to IMF in this regard.  

- He also mentioned hopes to see increases in the quota shares in the16th General Review of Quotas which is scheduled to be concluded by the end of 2023.

- DPM Hong reaffirmed the need to strengthen Korea-IMF cooperation as Korea holds the Executive Director position from November 2020.

Please refer to the attached pdf for the full press release