South Korean Finance Minister Hong Nam-ki said Wednesday that he wants to virtually join a conference of finance chiefs and top central bankers from the Group of 20 (G-20) major economies this week to discuss global economic challenges.

According to the Ministry of Economy and Finance, the meeting, which will be led by Indonesia, will take place both remotely and in person on Thursday and Friday. Financial executives from the G-20 and heads of international organisations will discuss strategies to deal with global economic concerns and encourage global tax reform, according to the statement.

Hong intends to stress the necessity of controlling inflation and the need for policy collaboration in the face of global supply chain disruptions. According to the ministry, he will also urge for measures to address contentious issues surrounding the implementation of a new global tax pact signed by G-20 leaders last year.

The G-20 leaders approved a two-pillar pact in October 2021 to enforce a minimum corporate tax of 15% and to share taxes levied on multinational firms' revenues in order to prevent them from avoiding taxes. The G-20 meeting of financial executives will take place four times this year, including this week's events, leading up to the leaders' summit in Bali in November.

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