Deputy Prime Minister Choi Sang-mok outlined key solutions to tackle global challenges at the G20 Finance Ministers Meeting The 4th G20 Finance Ministers and Central Bank Governors (FMCBGs) Meeting Washington, D.C. | October 23-24, 2024 [Session 1] Multilateral Development Bank (MDB) Reform DPM Choi welcomed the creation for a G20 roadmap for MDB reforms, stressing its significance and the need for its smooth implementation. He assessed that the Roadmap laid the foundation to provide long-term and stable funding to address global challengs in addition to supporting the development of low-income countries. [Session 3] G20 Finance Track Action Plans & Global Economic Cooperation DPM Choi proposed fundamental solutions to enhance global crisis response capabilities to address three major challenges. - Inequality: Emphasizing the need for discussions on structural reform tailored to the specific conditions of each country to restore growth potential - Carbon Neutrality: Stressing the importance of encouraging climate action based on differentiated approaches that consider the unique characteristics of each country, industry, and company - Global Economic Fragmentation: Proposing that the G20 take a leading role in restoring global order and norms in response to the growing fragmentation and uncertainty in the global economy [Bilateral Talks on the sidelines of the 4th G20 FMCBGs Meeting] - Talks with Riikka Purra, Finance Minister of Finland The two sides exchanged views on solutions to challenges regarding an aging population and discussed expanding cooperation in advanced fields like AI, as well as in securing supply chains for critical minerals. - Talks with Kristalina Georgieva, IMF Managing Director The two sides explored opportunities to further enhance cooperation, particularly in strengthening the global financial safety net through the Regional Financing Arrangements (RFAs), and scaling up support for low- and middle-income countries. - Talks with Katsunobu Kato, Finance Minister of Japan The two ministers agreed to further deepen their amicable relationship through continuous dialogue and joint efforts, marking the upcoming 60th anniversary of the normalization of diplomatic relations between Korea and Japan next year. - Talks with Jim Chalmers, Treasurer of Australia The two sides pledged to bolster partnership on common interest such as supply chains and climate change as key economic partners. - Talks with Sergii Marchenko, Finance Minister of Ukraine The two sides discussed measures to boost economic ties related to Ukraine’s reconstruction and development and agreed to promote mutually beneficial partnership to ensure active participation of Korean firms in a broad range of Ukraine support projects.