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Korean Strategy and Finance Minister Kang Man-soo in emergency meetings of G20 finance ministers and central bank governors in Washington on Saturday called for emerging nations to be included in currency swaps among nations.
The call came in a keynote speech. "Newly emerging economies as well as advanced nations have difficulties securing dollars due to the financial crisis,Ħħ Kang pointed out. If the U.S. and Korea, for example, sign a currency swap agreement, Korea could receive dollar supplies in case of a foreign currency liquidity shortage.
Kang also met with his Japanese counterpart Shoichi Nakagawa, agreeing to hold a workshop on stability of macroeconomics and finance in Korea, China and Japan in Tokyo on Nov. 26. They shared the view that to prevent the spread of the worldwide financial crisis, Korea and Japan will have to spend more.
They also agreed that working-level officials from the two countries will discuss establishing an Asian fund worth US$80 billion, which ASEAN nations, in addition to Korea, China and Japan can use in an emergency, a government official said.
(englishnews@chosun.com )
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