G20 Finance Ministers’ Meeting, Washington D.C
DPM Hong Has Bilateral Talks with IMF, WB and IDB Chiefs
DPM Hong met with the IDB President Claver-Carone on October 12 on the sidelines of the G20 Finance Ministers and Central Bank Governors’ Meeting, scheduled on October 13, and afterwards had talks with WB President David R. Malpass and IMF Managing Director Kristalina Georgieva in succession.
Talks with IDB President
DPM Hong showed Korea’s interest in working with the IDB through such as trust funds, EDCF-IDB joint funds and KSP, and signed a Letter of Intent to declare the funding of additional US $20 million to support the LAC countries’ improving their public administration, following the US $40 million support offered in 2014.
As to the bank’s plan to increase capital, DPM Hong said Korea would be very positive about raising its share in the bank. The deputy prime minister also asked the president to offer job opportunities at the bank for Korea’s talents.
Talk with WB President
At the Korea-WB bilateral talks, the two leaders discussed ways to fix a financing gap in the bank’s development finance, one of which is to attract private sector investment, as well as agreed that the world should actively respond to challenges in a recovery process, such as widening industrial gaps, inflation pressures and supply chain disruptions. DPM Hong praised the bank’s efforts to support developing economies, including their transition to a digital and green economy, and shared the bank’s view on GRID, explaining Korea’s Green New Deal and 2050 carbon neutrality.
Talks with IMF Managing Director
The two leaders talked about global, as well as Korea’s economic situations, DPM Hong showing his supports for IMF’s programs to help low-income economies and IMF Managing Director Georgieva asking for Korea’s sharing of its know-how in controlling the disease and promoting economic recovery. Sharing concerns over risks to global economies, such as supply chain disruptions, spread of infections and rising inflation pressures, both leaders agreed on the need for policy elaboration.