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S. Korea's finance minister to attend G20 meeting

South Korea's top economic policymaker will participate in the upcoming Group of 20 finance ministers' meeting later this week to discuss ways to improve international policy coordination with world leaders, his office here said Wednesday.

Finance Minister Yoo Il-ho, who doubles as the deputy prime minister for economic affairs, will attend the G-20 Finance Ministers and Central Bank Governors meeting to be held in Baden-Baden, Germany, on Friday and Saturday, according to the Ministry of Strategy and Finance.

The meeting is one of the key ministerial-level sessions in the run-up the G-20 summit meetings to be held in the Chinese city of Hamburg in July.

The ministers and governors of the world's top 20 economies will discuss ways to increase policy coordination among the member countries and international organizations as the world economy is facing heightened downside pressure and rising uncertainties stemming from an emergence of trade protectionism.

Yoo will stress the importance of policy coordination on restoring free trade and building a stronger cooperative financial structure in the world, said the finance ministry.

He will also hold a meeting with his U.S. counterpart Steven Mnuchin on Friday to talk about bilateral economic cooperation and international sanctions against North Korea.

South Korea's Finance Minister Yoo Il-ho departs for the upcoming Group of 20 Finance Ministers and Central Bank Governors Meeting in Germany at Incheon International Airport on March 15, 2017. (Yonhap)

Before the G-20 meeting, the South Korean minister will have talks with officials from global credit rating firms, including Fitch and Standard & Poor's, to share views on the current economic situation of the country.

The appraisers said they have no plan to change their sovereign ratings on the South Korean economy even after the unprecedented presidential dismissal last week. South Korea's Constitutional Court unanimously upheld President Park Geun-hye's impeachment over a corruption scandal.

S&P graded Asia's fourth-largest economy at AA, the third highest mark on its sovereign credit table, while Fitch gave South Korea AA-, the fourth highest rating. (Yonhap)

Park So-yeon  edt@koreapost.com

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