South Korea News Agency Sejong, October 14th International Monetary Fund (IMF) president Georgieva said that South Korea's fiscal foundation is solid, and crises such as past will not repeat themselves.
The picture shows South Korean Vice Premier and Minister of Planning and Finance Qiu Qinghao (left), and IMF President Georgieva. [Picture = provided by the Ministry of Planning and Finance]
On the morning of the 13th local time, South Korea's Vice Premier and Minister of Planning and Finance Qiu Qingho, who attended the meeting of the G20 Finance Ministers and the Governors of the Central Bank, held a meeting with IMF President Georgieva.
Georgieva said that South Korea's fiscal foundation is solid, the government has ensured fiscal sustainability by maintaining the tone of tightening, and has sufficient foreign exchange reserves, and the current account revenue and expenditure data are good. In order to overcome the current comprehensive crisis, it is recommended that the South Korean government give priority to formulating policies that meet national conditions and improve policy credibility through full communication between the government and the market.
Qiu Qinghao and Georgieva also exchanged views on inflation (high prices), world economic fluctuations caused by the war and the current economic situation in South Korea.
Qiu Qinghao explained to Georgieva the efforts made by the South Korean government to stabilize the financial foundation, manage risks, and improve productivity. It is hoped that the IMF will play an important role in the context of high inflation and the economy may fall into recession.
Qiu Qinghao also met with US Treasury Secretary Janet Yellen and discussed common concerns such as the Inflation Reduction Act (IRA) and the foreign exchange market.
In addition, Qiu Qinghao also met with the Minister of Finance of the Kingdom of Saudi Arabia Mohammed bin Abdullah Jadean on the same day, calling on Saudi Arabia to provide necessary assistance to Korean companies entering the local area, and hoped that the two countries would expand cooperation in the fields of construction, nuclear power and military industry.
Korean News Agency
