BOK chief to attend ADB annual talks, ASEAN+3 meeting in Milan next week

Bank of Korea (BOK) Gov. Rhee Chang-yong plans to attend the annual meeting of the Asian Development Bank (ADB) and gatherings of ASEAN finance ministers and central bank governors in Milan next week to discuss global economic conditions and other major financial issues, his office said Thursday.

Rhee is scheduled to attend the ADB’s 58th annual meeting to be held in the Italian city from Sunday through Wednesday, where he will meet with finance ministers and central bank governors from major countries, as well as key figures in international finance, according to the BOK.

Rhee will also attend a meeting of finance ministers and central bankers from South Korea, China and Japan, set to take place Sunday on the sidelines of the ADB gathering.

Top financial officials and central bankers of the Association of Southeast Asian Nations (ASEAN), plus its three Northeast Asian dialogue partners — South Korea, Japan and China — will also hold separate talks to discuss major economic challenges and ways of cooperation, including how to enhance the role of the Chiang Mai Initiative Multilateralization (CMIM).

ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Thailand, Singapore and Vietnam.

The CMIM is a US$240 billion pool launched in 2010 that can be tapped through currency swap deals in times of financial crises in the region.

Rhee will also make a three-day visit to Paris through May 9, where he plans to meet with Mathias Cormann, secretary general of the Organization for Economic Cooperation and Development (OECD), before flying to the Swiss city of Basel to meet his counterparts from the Bank of International Settlements (BIS) member nations, the BOK said.