News ID: 275801
Published: 1159 GMT October 21, 2020

South Korea vows to join IMF's move to help low-income nations hit by pandemic

South Korea vows to join IMF's move to help low-income nations hit by pandemic
YONHAP
Finance Minister Hong Nam-ki (R) holds a virtual meeting with IMF Director Kristalina Georgieva on Oct. 21, 2020.

South Korea will join a move by the International Monetary Fund (IMF) to help low-income nations recover from the coronavirus pandemic, Finance Minister Hong Nam-ki said on Wednesday.

Hong made the remarks during a virtual meeting with IMF Director Kristalina Georgieva earlier in the day, the Ministry of Economy and Finance said in a statement, according to Yonhap.

South Korea also supports an increase in funding for the IMF as demand for loans and grants jumped in the wake of the pandemic, Hong said.

Earlier this month, the IMF said South Korea's economy will shrink 1.9 percent this year as the coronavirus pandemic ravaged exports and consumption.

The IMF's latest forecast represented a slight upgrade from its previous prediction of 2.1 percent contraction in June.

The IMF also painted a somewhat brighter picture of the global economy as advanced nations reopened their economies, although the pandemic has showed no signs of weakening.

   
KeyWords
 
Comments
Comment
Name:
Email:
Comment:
Security Key:
Captcha refresh
Page Generated in 0/5942 sec