S. Korea Vows to Join IMF's Move to Help Low-Income Nations Hit by pandemic

Wednesday 1442/3/4 - 2020/10/21
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Sejong, Korea, Oct 21, 2020, SPA -- South Korea will join a move by the International Monetary Fund (IMF) to help low-income nations recover from the coronavirus pandemic, Yonhap quoted Finance Minister Hong Nam-ki as saying today, on Wednesday.
Hong made the remarks during a virtual meeting with IMF Director Kristalina Georgieva earlier in the day, the Ministry of Economy and Finance said in a statement.
South Korea also supports an increase in funding for the IMF as demand for loans and grants jumped in the wake of the pandemic, Hong said.
Earlier this month, the IMF said South Korea's economy will shrink 1.9 percent this year as the coronavirus pandemic ravaged exports and consumption.
The IMF's latest forecast represented a slight upgrade from its previous prediction of 2.1 percent contraction in June.
19:35 LOCAL TIME 16:35 GMT