Deputy Prime Minister Choo Kyung-ho attends the meeting of G20 finance ministers and central bank governors

Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho attended the 2023 1st G20 Finance Ministers and Central Bank Governors Meeting held in Bengaluru, India from February 24 to February 25.

In the first session, most member states spoke mainly on the agenda of the international financial system. The second session on financial regulation and financial inclusion mainly consisted of remarks and discussions by the central bank governors of member countries. In the third session, member countries formed a consensus that the outlook for global economic growth in 2023 has improved somewhat, but the downside risks are high due to continued war-related uncertainties and fragmentation of the world economy.

Through his leading remarks, Choo emphasized that active support for vulnerable countries, and that enhancement of the resilience of the international financial system should be discussed as major agendas this year so that the chain of crises of the weakest countries does not spread to the overall international finance. He diagnosed that amid continuing inflation concerns, food and energy insecurity is heightening due to supply chain disruption and global economic bloc expansion because of the war and weakening multilateral cooperation. 

Taking this meeting as an opportunity, he held bilateral meetings with the finance ministers of major countries such as India, Australia, the United States, and the European Union. 

In a meeting with Finance Minister Nirmala Sitharaman of India, the chair country of the G20, he highly praised India's leadership and co-chaired the Working Group on International Financial Systems, addressing the issues of interest of this year's chair country, such as reform of multilateral development banks and financing to respond to climate change. 

On 25 February, he met with Australian Treasury Secretary Jim Chalmers, US Treasury Secretary Janet Yellen and EU Finance Minister Paolo Gentiloni. In a meeting with the Australian Finance Minister, he mentioned that he hopes to strengthen cooperation with Australia to establish a stable supply chain for rare earths and key minerals, and asked that Australia, Korea's largest LNG importer, continue to provide a stable supply of LNG. He then met with US Treasury Secretary Janet Yellen and exchanged views on bilateral and multilateral issues in both countries and the importance of supply chains between the two countries. In a meeting with EU Finance Minister Paolo Gentiloni, he conveyed the industry's concerns that CBAM, as well as the Carbon Neutral Industry Act and Core Raw Materials Act, can be a disadvantage to offshore companies. 

Choi Sang-dae, Vice Minister of Strategy and Finance, conducted ‘Babfor, Free Meal’ volunteer activity

On Thursday, February 23, the Lottery Committee of the Ministry of Strategy and Finance conducted free meal volunteer activities for the vulnerable at the free meal service ‘Babfor Sharing Campaign Headquarters’ located in Dapsimni-dong, Dongdaemun-gu, Seoul. About 30 people attended the volunteer activity, including Vice Minister Choi Sang-dae, lottery public relations ambassador Kim So-yeon, and members of the 15th Happiness Empathy Volunteer Group. 

Vice Minister Choi donated 1 ton of grains to the headquarters, prepared rice, soup, and side dishes for 550 low-income seniors and vulnerable people, served meals, and washed dishes. 

Vice Minister Choi met Pastor Choi Il-Do, the head of the headquarters, and expressed his gratitude for Babfor activities for neighbors in need, then listened to their difficulties. 

Choi said, “What we prepared today is not just a free meal, but a precious and warm hearted meal that conveys our heart.” 

The Lottery Committee and the Happiness Empathy Volunteer Group plan to find places in our society that need help and continuously practice the spirit of sharing.