South Korea's Ministry of Economy and Finance published a readout of Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol’s participation in the first 2026 G20 Finance Ministers and Central Bank Governors meeting in Washington, DC. The update focuses on discussions about impediments to economic growth and global imbalances, and records Korea’s calls for G20-level cooperation on supply chain stability and economic resilience alongside a new memorandum of understanding (MOU) with the Inter-American Development Bank (IDB) to establish an “IDB AI-Hub” in Korea in 2027. In the growth session, G20 participants identified regulatory and administrative burdens, inefficient tax systems, underinvestment, and slowing labour supply and mobility as key constraints, with the Middle East war seen as amplifying uncertainty in the global economy and financial markets. Koo highlighted the need to strengthen growth foundations through increased investment in areas such as artificial intelligence, regulatory innovation, and expanding labour supply, and outlined Korea’s approach of scaling up policy finance and rapidly preparing a war-related supplementary budget under an “economic wartime” posture. On global imbalances, he argued that excessive and persistent imbalances can become a further source of global risk and highlighted a Korea–Australia co-chaired imbalance study group running from January to June 2026, involving G20 members and invited countries as well as the International Monetary Fund and the Organisation for Economic Co-operation and Development, with further work planned on spillovers and potential revisions to measurement indicators. The readout also covers bilateral meetings, including an invitation from France to attend the G7 Finance Ministers meeting in Paris on 18–19 May, supply chain cooperation talks with Australia and Uzbekistan focused on energy and critical minerals, and discussions with the World Bank, Asian Infrastructure Investment Bank and IDB, including plans for a Korea-based “global AI hub” and the IDB AI-Hub MOU. Koo’s schedule for 17 April included participation in the International Monetary and Financial Committee meeting and a G7 special session, followed by planned meetings with US Treasury Secretary Scott Bessent and International Monetary Fund Managing Director Kristalina Georgieva.
Ministry of Economy & Finance (South Korea) 2026-04-17
South Korea's Ministry of Economy and Finance urges G20 coordination on growth constraints and global imbalances and agrees to host an IDB AI-Hub in 2027
The Ministry of Economy and Finance reported on Deputy Prime Minister Koo Yun-cheol’s participation in the first 2026 G20 Finance Ministers and Central Bank Governors meeting, highlighting discussions on growth impediments, global imbalances, and G20 cooperation on supply chain stability and economic resilience. Korea outlined plans to bolster growth through investment in artificial intelligence, regulatory innovation, expanded labour supply, and policy finance, and is co-chairing a Korea–Australia G20 study group on global imbalances. The update also notes an MOU with the Inter-American Development Bank to establish an “IDB AI-Hub” in Korea in 2027 and bilateral meetings, including an invitation to the G7 Finance Ministers meeting in Paris.