S. Korean official named as member of IMF executive board

SEJONG, South Korea, 26th October, 2016 (WAM) — A South Korean official has been elected as a member of the executive board at the International Monetary Fund, IMF, Yonhap New Agency quoted the Finance Ministry as saying on Wednesday.

The IMF appointed 24 directors who are elected by 189 member countries, including Choi Hee-nam, former deputy finance minister of South Korea, according to the Ministry of Strategy and Finance.

The executive board, in which the 24 directors represent their own groups in accordance with their voting powers, is responsible for conducting the day-to-day business of the IMF, including checking member countries’ economic policies.

“Choi, who is currently serving as an executive director of the World Bank Group, will stand for a group of 16 countries, including South Korea, Australia and New Zealand on the IMF executive board. His two-year term will start in November,” said the ministry.