Deputy Prime Minister and Minister of the Ministry of Economy and Finance Koo Yun-cheol, visiting Washington D.C. to attend the G20 finance ministers' meeting and the IMF and World Bank (IMF·WB) annual meetings, is giving an interview at the International Monetary Fund on the 16th (local time). /Courtesy of Ministry of Economy and Finance

Koo Yun-cheol, Deputy Prime Minister for the Economy and Minister of the Ministry of Economy and Finance, on the 16th (local time) recognized the African continent's growth potential and expressed a willingness to work actively with it.

At the "4th Group of 20 (G20) Finance Ministers and Central Bank Governors' Meeting and International Monetary Fund (IMF)–World Bank (WB) Annual Meetings" held in Washington, D.C., United States, that day, Deputy Prime Minister Koo discussed the Africa cooperation framework and other issues with finance ministers and Central Bank governors from major countries.

The Africa cooperation framework is a medium- to long-term system proposed to fundamentally resolve the factors that delay the growth and development of the African continent, despite its high growth potential such as abundant natural resources and a rapid population growth rate. It is also an agenda launched at the proposal of South Africa, the G20 chair this year.

At the meeting, Deputy Prime Minister Koo voiced support for the purpose and direction of the Africa cooperation framework. He also said the Korean government would actively engage with the African continent.

Furthermore, he emphasized the importance of the leading participation of African countries as a key factor for the framework's successful implementation. Deputy Prime Minister Koo also noted that Korea achieved rapid economic growth based on medium- to long-term national development strategies such as the "Five-Year Economic Development Plan" in the 1960s and 1970s.

G20 members agreed that day to summarize the outcome of the fourth ministerial meeting in the form of a chair's summary. They also adopted a "ministerial statement on debt sustainability" that includes G20-level discussions to address the debt vulnerabilities of developing countries.

Deputy Prime Minister and Minister of the Ministry of Economy and Finance Koo Yun-cheol, visiting Washington D.C. to attend the G20 finance ministers' meeting and the IMF and World Bank (IMF/WB) annual meetings, shakes hands and greets Valéry Wucherny, CEO of Euroclear Group, before their meeting at the International Monetary Fund on Oct. 16 (local time). /Courtesy of Ministry of Economy and Finance

Also that day, Deputy Prime Minister Koo met with Valerie Urbain, head of Euroclear Group, to review the preparations by global investment banks, Euroclear clients, for Korea's inclusion in the FTSE World Government Bond Index (WGBI).

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