On the sidelines of the Group of Twenty (G20) Finance Ministers and Central Banks Governors Meeting, Deputy Prime Minister Choi Sang-mok had bilateral talks with finance ministers of major countries including the United States, Germany, and Italy, and the Managing Director of the International Monetary Fund (IMF) for the first time since taking office.

DPM Choi met with Janet Yellen, the United States Secretary of the Treasury and shared views on the economic situations and key issues of both countries. They expressed hopes that Korea, the United States and Japan would be able to enhance their economic cooperation through the upcoming trilateral finance ministers’ meeting slated for this year, while discussing collaborative measures between Korea and the United States to cope with the global political landscape.

DPM Choi then met with Christian Lindner, German Finance Minister, and exchanged views on key issues such as low birth rates and aging populations, enhancing supply chain resilience, and restoring the multilateral trade order. They proposed that specific cooperation measures be continuously discussed through regular consultation channels between the two countries, such as the “Korea-Germany Macroeconomic Dialogue.”

Next, DPM Choi highlighted the strengthening of solidarity between Korea and the G7 at the talks with Giancarlo Giorgetti, the Minister of Economy and Finance of Italy, the chair country of the G7 for this year. In response, Minister Giorgetti invited Korea to the G7 Finance Ministers’ Meeting to be held in Italy from May 23 to 25.

Lastly, DPM Choi held a meeting with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF) and exchanged opinions on Korea’s key policies such as strengthening fiscal soundness and expanding Official Development Assistance (ODA). In particular, he emphasized the need for the economic status of member countries to be taken into account in discussions on the next IMF quota reform.

As a co-chair of the International Financial Architecture Working Group, where key issues such as vulnerable country debt and reform of multilateral development banks (MDBs) are under discussion among the G20 countries, Korea is committed to actively facilitate discussions on the issues while continuing to play a bridging role between advanced and developing economies.

Please refer to the attached files.