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News Briefing
DPM Hong attends G20 Finance Ministers and IMFC meeting
May 2022
Deputy Prime Minister Hong Nam-ki attended meetings for the Coalition of Finance Ministers for Climate Action, G20 Finance Ministers and Central Bank Governors, and the International Monetary and Financial Committee (IMFC) in Washington DC from April 18 to 21. While attending these three meetings, DPM Hong held bilateral talks on the sidelines with the IMF Managing Director, Finance Ministers from the US, India and Spain, and also had meetings with global financial corporations, S&P Global Ratings and MSCI.

At the meeting of the Coalition of Finance Ministers for Climate Action virtually held on April 19, ministers discussed policy levers to address climate change amid surges in global energy prices, and carbon pricing schemes including Emissions Trading Scheme (ETS) and carbon taxes. DPM Hong emphasized the need for discussions on climate policies within the G20 finance track and also proposed to create policy tools that consider non-pricing options, especially on financial aids and R&D promoting policies.

The G20 Finance Ministers and Central Bank Governors meeting held on April 20 consisted of four sessions, which were Global Economy and its Risks, Global Health Issues, International Financial Architecture (IFA), and Sustainable Finance. DPM Hong urged for member countries to provide policy support so as to minimize economic scarring caused by COVID-19 and the Russia-Ukraine war. He also mentioned that fiscal policies should serve as a social safety net, while the pace of normalization and degree of monetary policy accommodation be adjusted in accordance with economic situations.

The IMFC meeting held on April 21 focused on the current global challenges and emphasized stronger global cooperation. At the meeting, DPM Hong emphasized the IMF’s role in helping ease the impact of the war on the global community by supporting vulnerable countries, reforming the IMF quota formula and managing capital flows.

At the talks with IMF Managing Director Kristalina Georgieva on April 18, DPM Hong discussed IMF’s countermeasure for responding to global challenges and mentioned Korea’s contribution of Special Drawing Rights (SDRs) 900 million won to the Resilience and Sustainability Trust (RST).

DPM Hong also had talks with India’s Finance Minister Nirmala Sitharaman on April 19 and talked about key G20 agendas including low-income sovereign debt issues, the 16th General Review of Quotas, voluntary contributions of SDRs for countries in need and review of the IMF’s institutional view.

DPM Hong had bilateral talks with US Treasury Secretary Janet Yellen and Spain’s Minister for Economy and Digitalization Nadia Calviño on a separate setting on April 20, and the leaders hoped to facilitate their further cooperation going forward.