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On the last day of the International Monetary Fund and World Bank meetings in Washington on Monday, global financial leaders called for coordinated action to cope with the financial crisis.
IMF Managing Director Dominique Strauss-Kahn called on wealthy countries to devise fiscal stimulus packages to incite more government spending, introduce tax cuts, and help reinvigorate faltering economies.
In a keynote speech, Finance Minister Kang Man-soo highlighted the need for closer cooperation among countries to stabilize the global financial markets. He recalled Korea's experience of overcoming the Asian financial crisis of the late 1990s.
Agreeing with the World Bank that less developed countries will likely face tougher economic futures, the finance minister urged the international community to cooperate.
He also told reporters that Korea could overcome current difficulties by using its ample foreign currency reserves. However, it will probably take some time for the Korean economy to get back on track.
Another delegate, Bank of Korea Governor Lee Seong-tae, told reporters that Korea's economic growth would not reach four percent before the first half of next year.
The central bank chief also strongly hinted at the possibility of further cuts in interest rates to deal with the economic downturn.
Arirang News
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