Finance Minister briefs on 'GM crisis, forex intervention disclousure" to President Moon

김동연, '환율협의•GM사태' 文대통령에 현안 보고

Korea's finance chief sat-down with President Moon Jae-in today.
The meeting was to brief the liberal leader on key economic issues the nation faces.
Kim Hyesung has the highlights from that session.
Finance minister Kim Dong-yeon on Monday briefed President Moon Jae-in on three of the nation's key economic issues.
First was on forex intervention disclosure.
Minister Kim explained his plans to meet IMF Chief Christine Lagarde and U.S. Treasury Secretary Steven Mnuchin during the G20 Meeting of Finance Ministers and Central Bank Governors and World Bank-IMF spring meetings in Washington this week...to discuss and finalize the way to disclose Korea's forex intervention histories.
Korea was not labeled a currency manipulator in the biannual U.S. treasury report but was kept on its currency monitoring list along with China, Japan and others, and the U.S. has repeatedly pressured Korea to make its currency intervention information public to avoid won devaluations for competitive purposes.
Minister Kim said Seoul will make its sovereign, independent determination on its disclosure frequency in view of various forex market situations and national economic conditions.
Another issue was on GM Korea's restructuring.
The finance minister said public funds could only be used if it was clear that GM Korea could survive on its own in the long-run, emphasizing the need for a thorough inspection of the company to decide whether to use public funds or not.
On the job front, Minister Kim Dong-yeon said the sluggish figures in the job market for February and March don't stem from the minimum wage hike, but rather from the ongoing corporate reform in the shipbuilding and automobile sectors,... and a base effect from last year's job data.
Kim Hyesung, Arirang News.

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