South Korea Reappointed as the Chair of G20 IFA WG

South Korea has been reappointed as the chair country of the G20 International Financial Architecture Working Group (IFA WG) for the period of 2018.

The Ministry of Strategy & Finance announced on September 12 that the member countries of the G20 held a meeting in Paris, France on September 11 (local time) and made the decision by unanimously accepting Argentina’s request of the appointment. Argentina is the chair of the G20 for the next term.

The IFA WG was organized last year and its purpose is to discuss the agendas of G20 summits and financial ministers’ meetings in advance. The Ministry of Strategy & Finance of South Korea and the French Ministry for the Economy & Finance have acted as its co-chairs and prepared the IFA WG Report together. The report was adopted as an annex document at this year’s G20 summit.

“As the new chair country of the IFA WG, South Korea will take the lead in the international discussion for the establishment of a highly stable international financial system with regard to major policy issues such as the governance and funding of multilateral development banks, the International Monetary Fund, etc.,” said the Ministry of Strategy & Finance.