This undated photo, provided by the Ministry of Economy and Finance, shows the exterior of the ministry building in the administrative city of Sejong. (Ministry of Finance)
South Korea will begin its annual meeting with the International Monetary Fund (IMF) this week on the country's overall economic situation and its response to the new coronavirus outbreak, the finance ministry said Tuesday.
The ministry will hold video conferences with an IMF team, led by Andreas Bauer, Korea mission chief at the international organization, from Wednesday to Jan. 28, according to the Ministry of Economy and Finance.
Every year, IMF delegations visit South Korea to discuss the country's economic situation and overall economic policies. But this year, the IMF will hold a conference call with the finance ministry, the central bank and other institutions due to the COVID-19 pandemic.
The IMF team will hold a press briefing on Jan. 28 to disclose the outcome of the annual consultation.
In October 2020, the IMF expected Asia's fourth-largest economy to contract 1.9 percent for the whole year and grow 2.9 percent in 2021.
In its 2021 economic policy plan, the finance ministry said the Korean economy is expected to grow 3.2 percent this year, following last year's estimated contraction of 1.1 percent. (Yonhap)