Seoul, May 3 (IANS) Finance Minister Koo Yun-cheol on Sunday called for strengthening regional cooperation in responding to growing external economic uncertainty from the U.S.-Israeli war against Iran, the finance ministry said.

Koo made the call during the 29th meeting of ASEAN+3 finance ministers and central bank governors held Sunday in Samarkand, Uzbekistan, according to the ministry, reports Yonhap news agency.

ASEAN+3 involves member states of the Association of Southeast Asian Nations (ASEAN) and its three Northeast Asian dialogue partners — South Korea, Japan and China.

“The Middle East war has further expanded regional economic uncertainty,” Koo said. “Against this backdrop, ASEAN+3 cooperation, which has served as a buttress during a regional crisis, is becoming increasingly important.”

The finance minister said the Middle East crisis poses a threat to the South Korean economy, highlighting the government’s efforts to prop up the economy, including the creation of the 26.2 trillion-won (US$17.7 billion) extra budget.

Separately, Koo chaired a trilateral meeting of finance ministers and central bank governors from South Korea, China and Japan.

He also called for stepped-up cooperation among the three nations in dealing with downside economic risks from the Iran war, according to the ministry.

Meanwhile, a South Korean has been appointed as the new director of market and counterparty risk at the World Bank Group (WBG), the finance ministry said on Sunday.

Min Jee-nah, the former head of credit for state-owned enterprises and reinsurance at the Multilateral Investment Guarantee Agency (MIGA), will take on the role starting next month, the ministry added.

She will become the fourth South Korean national to take on a director-level position at the global financial institution, according to the ministry.

The WGB, is a family of five international organisations that provides low-interest rate loans, policy advice and technical assistance to developing countries, with the goal of reducing poverty and increasing the income of such nations.

—IANS

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