Finance Minister Koo Yun-cheol urged for enhanced regional collaboration to tackle rising economic instability stemming from the U.S.-Israeli conflict with Iran. Speaking at the 29th ASEAN+3 finance ministers and central bank governors meeting in Samarkand, Uzbekistan, Koo highlighted the importance of joint efforts in the face of escalating external uncertainties. ASEAN+3 comprises ASEAN states along with South Korea, Japan, and China.
“The ongoing Middle East conflict is amplifying regional economic unpredictability,” Koo remarked, underscoring the pivotal role of ASEAN+3 cooperation during crises. He also expressed concerns about the potential threats the Middle East crisis poses to South Korea’s economy, citing government initiatives such as the US$17.7 billion supplementary budget to bolster the economy.
Additionally, Koo led a trilateral discussion involving finance ministers and central bank governors from South Korea, China, and Japan, advocating for increased collaboration among the three nations to address economic risks arising from the Iran conflict. Meanwhile, the appointment of a South Korean national, Min Jee-nah, as the new director of market and counterparty risk at the World Bank Group was announced by the finance ministry. Min Jee-nah, previously overseeing credit for state-owned enterprises and reinsurance at the Multilateral Investment Guarantee Agency (MIGA), will assume her new role next month, becoming the fourth South Korean to hold a director-level position at the global financial institution.
The World Bank Group, a collective of five international organizations, offers low-interest loans, policy guidance, and technical support to developing countries with the aim of alleviating poverty and boosting the income levels of these nations.
