On April 16 (local time), Deputy Prime Minister and Minster of Finance and Economy Koo Yun Cheol attended the first G20 Finance Ministers and Central Bank Governors Meeting of 2026, held in Washington, D.C. At the meeting, participants focused their discussions on two key agenda items: (i) constraints on economic growth; and (ii) global imbalances.

[Main Outcomes of the G20 Finance Ministers and Central Bank Governors Meeting]

In the first session, where G20 Finance Ministers and Central Bank Governors discussed constraints on economic growth, participants shared the view that regulatory and administrative burdens, inefficient tax systems, insufficient investment, and slowing labor supply and mobility are key factors hindering economic growth and growth-enhancing reforms. They also assessed that the recent Middle East conflict could further constrain economic growth by amplifying uncertainty in the global economy and financial markets.

DPM Koo emphasized the need to reinforce the foundations for growth through expanded investment in areas such as AI, regulatory innovation, and an increased labor supply, and introduced the Korean government’s recent policy direction of mobilizing all available policy tools – under the recognition of an “economic wartime situation” – including the expansion of policy finance and the swift formulation of a war-related supplementary budget. He also stated that countries should minimize spillover effects on the real economy through swift policy responses and proactive international coordination, and stressed the need to explore G20-level solutions to promote global supply chain stability and bolster the resilience of the global economy.

In the second session on global imbalances, DPM Koo, delivering keynote speech, highlighted that excessive and persistent imbalances could pose an additional risk to the global economy, and that proactive coordination among major economies, including the G20, is essential to effectively prevent and manage such risks. To this end, Korea is actively playing a mediating and coordinating role between advanced and emerging economies by operating an Imbalances Study Group (January-June 2026, co-chaired by Korea and Australia), involving G20 members and invited countries, as well as international organizations such as the IMF and OECD, to discuss the definition, causes, and measurement of imbalances. He added that discussions will continue on the potential adverse spillover effects of imbalances on the global economy, as well as possible revisions to indicators for more effective measurement of such imbalances.

* Global Imbalance: A phenomenon in the global economy in which large current account surpluses in certain

 countries lead to the accumulation of current account deficits in others.

[Bilateral Meetings with Finance Ministers of France, Australia, and Uzbekistan]

DPM Koo held bilateral meetings with key counterparts, including Minister of the Economy and Finance of France Roland Lescure – the G7 Presidency for this year – Treasurer of Australia Jim Chalmers, and Deputy Prime Minister of Uzbekistan Jamshid Kuchkarov.

The French side invited DPM Koo to the G7 Finance Ministers’ Meeting scheduled to be held in Paris, France, from May 18 to 19, and noted that Korea can play an active role in addressing economic uncertainties arising from the Middle East conflict, resolving global imbalances, and bolstering supply chain cooperation.

At the meetings with Australia and Uzbekistan, discussions were held on cooperation in supply chains, including energy and critical minerals. DPM Koo noted that Australia and Uzbekistan are key partners for Korea in supply chain cooperation, particularly in critical minerals, and emphasized the need to further expand strategic partnerships, as Korea plays a pivotal role in the processing and utilization stages of global value chains based on its advanced manufacturing capabilities and technological expertise. He also expressed his hope to hold a Korea-Uzbekistan Deputy Prime Ministerial Meeting and a Korea-Australia Director-General-level Supply Chain Policy Dialogue within this year, in order to discuss concrete measures on the topics addressed in today’s meetings.

Meanwhile, following his meetings in New York, DPM Koo met with CEO of the Carlyle Group Harvey Schwartz, one of the world’s largest asset managers, to outline the government’s efforts to revitalize the capital market and advance its AI transformation policies, and encouraged continued interest in Korea as an attractive investment destination, as well as active participation in investment opportunities.

[Meetings with Heads of Multilateral Development Banks (MDBs)]

Subsequently, DPM Koo held a series of bilateral meetings with the heads of major international financial institutions, including President of the World Bank Ajay Banga; President of the Asian Infrastructure Investment Bank (AIIB) Zou Jiayi; and President of the Inter-American Development Bank (IDB) Ilan Goldfajn.

First, in his meeting with President Banga, DPM Koo introduced Korea’s plan to establish a “Global AI Hub” by clustering the AI and digital offices of the United Nations and multilateral development banks (MDBs) in Korea, and to develop it into a global platform through which Korean AI technologies and companies can expand worldwide. The World Bank has already launched its “WB Global Digital Knowledge Center,” an AI and digital knowledge hub, in Korea late last year. In addition, DPM Koo and President Banga discussed exploring cooperation projects related to blockchain, as well as initiatives such as establishing an AI campus in Korea to support youth from developing countries in receiving AI education in Korea.

He also met with President Goldfajn, to discuss ways to enhance Korea-IDB cooperation. Furthermore, they signed a Korea-IDB AI Hub Memorandum of Understanding (MOU) and agreed to open an IDB AI cooperation office in Korea by 2027. Following the signing of a Letter of Intent (LOI) between Korea and the IDB last year, the conclusion of this MOU is significant in that it advances bilateral cooperation to the implementation stage. The AI Hub MOU is also expected to serve as a platform through which Korea’s advanced AI technologies and companies can participate in IDB-led projects and facilitate the dissemination of Korea’s best practices across Latin America.

On April 17, DPM Koo is scheduled to participate in the International Monetary and Financial Committee (IMFC) meeting and a special session of the G7 Finance Ministers and Central Bank Governors Meeting, after which he will hold meetings with U.S. Treasury Secretary Scott Bessent and IMF Managing Director Kristalina Georgieva.

Please refer to the attached files.