Choo highlights role of MDBs in tackling poverty in developing nations

South Korean Finance Minister Choo Kyung-ho (Yonhap)

South Korean Finance Minister Choo Kyung-ho emphasized the importance of multilateral development banks' role in tackling poverty in developing nations at a Group of Seven ministerial meeting, the ministry said Saturday.

Choo made the remark during a session at the G-7 Finance Ministers and Central Bank Governors' Meeting in Niigata, northwest of Tokyo, which closed Saturday after a three-day run, according to the Ministry of Economy and Finance.

Asia's No. 4 economy participated in the G-7 gathering for the first time since 2008. Other nonmember countries invited to the meeting were India, Brazil, Indonesia, Comoros and Singapore.

During the session, Choo said the role of MDBs is crucial for developing countries that lack fundraising capabilities, and that such banks should have sufficient funds to address their debt issues.

Choo also pointed out advanced nations need to share their experiences in terms of technology and policy with developing countries, noting South Korea has been operating the Knowledge Sharing Program since 2004.

The finance minister added various parties among the public and private sectors, and global organizations should cooperate to offer high-quality infrastructure in developing nations, taking the example of South Korea's Economic Development Cooperation Fund.

Seoul launched the EDCF program in 1987 to help other developing countries with their basic infrastructure.

On the margins of the visit, Choo also met US Treasury Secretary Janet Yellen, although the ministry did not provide details of their discussion.

During his meeting with his Italian counterpart, Giancarlo Giorgetti, the two exchanged opinions on the latest trend in global inflation sparked by the food and energy crisis.

Choo asked Giorgetti to seek cooperation in global agenda, including the supply chain, free trade and green transition, the ministry added.

The finance minister also met his Singaporean counterpart, Lawrence Wong, to discuss ways to share policy experiences in a wide array of areas, including labor, pension and education.