Lee Hyung-il heads to Bangkok for G20, G7 finance ministers' meetings in multilateral debut

Deputy Prime Minister and Minister of Economy and Finance Lee Hyung-il departs Wednesday for Bangkok, Thailand, to attend the International Monetary Fund and World Bank annual meetings as well as the G20 and G7 finance ministers' and central bank governors' meetings.

At the G7 finance ministers' meeting — to which Korea has been invited twice in a single year for the first time in history — Lee plans to pursue expanded cooperation while briefing officials from international financial institutions and the world's three major credit rating agencies on the strength of Korea's economic fundamentals and its policy direction.

According to the Ministry of Economy and Finance, Lee will attend the year's third G20 finance ministers' and central bank governors' meeting on Thursday morning. It will mark his first appearance at a major multilateral international forum since taking office in September, and he plans to focus on discussing global economic issues and strengthening policy coordination with key countries.

The meeting is the last in-person finance ministers' gathering hosted by the United States as this year's G20 chair, ahead of the G20 leaders' summit scheduled for Dec. 14-15. Participants will share the outcomes of this year's discussions and exchange views on the direction of activities under the incoming chair, the United Kingdom.

On the same evening, Lee will attend the G7 finance ministers' and central bank governors' meeting as an invited guest. Korea's invitation to the G7 finance ministers' meeting twice in one year is a first in history; this marks the second invitation this year, following one in May.

Lee plans to actively engage in discussions on global economic issues and strengthen cooperation with G7 finance authorities, drawing on Korea's elevated international standing as a G7-plus country.

On Saturday morning, Lee will attend the International Monetary and Financial Committee meeting to discuss the global economic outlook and the policy responses of the IMF and its member countries to key economic issues.

During the trip, Lee is scheduled to meet with the heads of international financial institutions including the IMF, the Asian Development Bank, the European Bank for Reconstruction and Development and the Central American Bank for Economic Integration, as well as the global heads of the three major credit rating agencies — Moody's, Fitch and S&P — and the CEO of Euroclear Group.

Lee also plans to meet with finance ministers from key countries including Japan, the United Kingdom, Germany, Australia, Saudi Arabia, Singapore and Poland.

Meanwhile, a day before his departure for Bangkok, Lee held a video call Tuesday at Government Complex Seoul with US Treasury Secretary Scott Bessent. In their first meeting since Lee took office, the two sides reaffirmed the importance of Korea-US economic and financial cooperation and discussed shared economic policy priorities and ways to strengthen bilateral cooperation.