Finance Minister Stresses Tackling Disparities for Sustainable Growth at IMFC

In a recent meeting of the International Monetary and Financial Committee (IMFC) held in Bangkok, South Korea's Finance Minister Lee Hyoung-il emphasized the critical need to tackle economic disparities to achieve sustainable growth.

Lee participated as a committee member during the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, sharing insights on global economic challenges. He discussed strategies to ensure the benefits of artificial intelligence (AI) are shared widely, aligning with the IMF's policy directions.

The IMF noted signs of recovery in the global economy but warned of ongoing uncertainties and risks. It urged countries to implement policies that foster macroeconomic stability while embracing structural reforms to facilitate AI adoption and digital transformation.

Minister Lee supported the IMF's recommendations for fiscal responsibility and highlighted South Korea's initiatives to narrow gaps in housing, employment, and financial services for vulnerable populations. He also met with IMF officials to discuss South Korea's commitment to sustainable growth.

Georgieva, the IMF Managing Director, acknowledged South Korea's improved growth forecast and recognized its balanced monetary and fiscal policies as appropriate. The two signed a letter of intent to enhance cooperation on the AI Hub initiative, aimed at addressing complex global crises through technology.