Ministry of Strategy and Finance attends G20 Finance Minister’s Meeting

Strategy and Finance Minister Kyung-ho Choo attended the G20 finance ministers and central bank governors meeting in Gandhinagar, India, on July 17-18. Emphasizing that fiscal policy must be aligned with monetary policy to counter high inflation, he explained that South Korea's efforts to minimize fiscal spending growth and its policies to minimize domestic transmission of external inflationary pressures, such as quota tariffs, have contributed to price stability. During the sustainable finance session, he urged member states to participate in the second replenishment of the Green Climate Fund (GCF), which supports developing countries in their fight against climate change. He called for continued review of the implementation of the Capital Adequacy Framework (CAF) to ensure rapid resolution of fragile state debt problems and increased lending capacity of multilateral development banks. He also called for the introduction and implementation of a digital tax. 

Choo visits affected areas of the recent heavy rains

Choo visited Yecheon, Yeongju, and Bonghwa counties in Gyeongsangbuk-do, which were severely affected by the torrential rains, to inspect the damage and provide prompt and sufficient financial support to the victims and affected areas. He said he would support the rapid restoration of damaged river banks, roads, and other facilities in Ogrami Village in Bonghwa, Yecheon, and provide sufficient compensation for damaged agricultural land. He visited the village hall of Yecheon County, where severe damage occurred, to console the victims. He handed out relief supplies such as rice, bottled water, and instant noodles to more than 20 victims living temporarily in a village hall in Yeongju, as well as military personnel working to recover from the disaster, and promised to increase government support. He said he would do his utmost to repair the damage and strengthen the safety management system and disaster prevention facilities.