The Presidential Committee for the G20 Summit

Press Release

Distribution Date 10AM Tuesday, May 25, 2010

Embargo until Wednesday morning edition, May 26, 2010

G20 Finance Ministers and Central Bank Governors’ Meeting

June 4-5, Busan, South Korea

The G20 Finance Ministers and Central Bank Governors Meeting will be
held on Friday, June 4 and Saturday, June 5, 2010, at the Westin Chosun
Hotel in Haeundae, Busan.

Most of the sessions will be held in the Grand Ballroom of the hotel,
located on the first floor, while some sessions and a few of the other
events—including the press conference—will take place at the Nurimaru
APEC House.

Attendees will include the Finance Ministers and Central Bank Governors
of the G20 nations as well as leaders of international organizations, such as
the IMF, WB, FSB, and OECD (see attached for the complete list of
attendees).

This will be the first G20 Minister-level meeting in Korea and it will focus
mainly on preparations for the G20 Summit in Toronto, Canada, June 26-27.
Specific topics will include a review of progress on the agenda for the
Toronto Summit, and an interim report on the main deliverables expected
from the Seoul Summit in November.

The G20 Finance and Central Bank Deputies Meeting will also be held at
the Westin Chosun, on Thursday June 3 and Friday, June 4.
The G20 Finance Ministers and Central Bank Governors Meeting

Five sessions have been scheduled:

1. Global Economy
2. G20 Framework for Strong, Sustainable, and Balanced Growth
3. Financial Regulatory Reform
4. International Financial Institutions Reform and Global Financial Safety Nets
5. Other issues & Communiqué sign off

Global Economy: The first session will be a working dinner for G20 Ministers and
Governors only. Following a report by the IMF on the current status of the global
economy, there will be a discussion of exit strategies and plans for macroeconomic
coordination. The issue of fiscal prudence, now in the spotlight due to the fiscal
crisis in Southern Europe, is likely to be a major topic of discussion, along with
various other issues regarding the state of the global economy.

G20 Framework: The second session will focus on the G20 Framework. Using the
alternative policy scenarios that the IMF will present, the members will discuss the
basket of policy options for “strong, sustainable, and balanced global economic
growth” that is scheduled to be submitted at the June Summit. During this discussion,
various international organizations, including the WB, FSB, ILO, and OECD, will
present expert opinions on such issues as development gap reduction and financial,
labor, and structural reforms.

Financial Regulatory Reform: The third session will review progress on financial
regulation reform measures implemented to date and discuss the regulatory issues that
have resurfaced due to the fiscal crisis in Southern Europe. The focus will be on
strengthening prudential regulations (such as capital and liquidity regulations) and
preventing moral hazard of systematically important financial institutions (SIFIs).

The members will receive a progress report from the FSB and discuss ways to
strengthen the interim reviews so that work can proceed according to the timeline
established at the Pittsburgh Summit last year (prudential regulations: by the end of
this year; SIFI reform: October of this year).

On financial sector burden sharing, the members will discuss possible policy options
after receiving a progress report from the IMF on its financial burden sharing paper.
The aim is to insure that the financial sector pays their fair share of the costs incurred
during the financial crisis and to create a source of revenue that can be used to respond
to similar crises in the future. Other financial regulatory issues, such as those
involving credit rating agencies, hedge funds and the over-the-counter derivatives
market, will also be discussed.
IFI Reform and Global FSNs: The discussion on IFI reform will focus mainly on the
IMF. The Fund will be encouraged to complete its quota and governance reform to
meet the shortened deadline (from January 2011 to November 2010) urged at the
Washington G20 Ministers and Governors meeting in April. The reform will include a
quota increase of five percent to emerging or under-represented economies and
improvements to the composition and size of the executive board.

Having witnessed the spillover effects between countries and regions during the crisis,
the members will also discuss the need for strengthening IMF surveillance, including
its early warning system and bilateral and multilateral monitoring, as crisis prevention
measures. This is an issue that Korea is proactively pursuing as a deliverable for the
Seoul Summit.

On the global financial safety nets system, one of Korea’s main agenda items this year,
the members will receive a report on policy options that have been presented by the
Experts Group, composed of officials from G20 finance ministries and central banks.
They will also discuss the future direction of the Experts Group.

Other Issues & Communiqué Sign off: In the last session, agenda items such as
fossil fuel subsidies and financial inclusion will be discussed and the communiqué will
be adopted.

On fossil fuel subsidies, there will be a final review of each country’s plan to phase out
and rationalize over the medium term inefficient fossil fuel subsidies before being
submitted at the Toronto Summit. The group will also discuss the draft of the joint
report on fossil fuel subsidies to be compiled by the IEA, OPEC, OECD and WB.

On financial inclusion, the members will review the general principles for expanding
innovative financial services and review the progress of the SME Finance Challenge
(best examples of SME financing will be identified and awarded during the Seoul
Summit).

G20 Press Conference

After the meeting, South Korean Finance Minister Yoon Jeung-Hyun will hold a press
conference from 16:30 to 17:00 (Korean time) outside the Nurimaru APEC House.
There he will present the communiqué with the main agreements reached at the
meeting. He will then take questions from the press.
Economic Development Conference

In conjunction with the meeting of G20 Finance Ministers and Central Bank
Governors, the Presidential Committee for G20 Seoul Summit and the World Bank
will co-organize an economic development conference, the “Korea-World Bank High
Level Conference on Post-Crisis Growth and Development” on June 4, 2010 at the
Paradise Hotel in Busan, Korea.

The goal of the conference is to build common ground on development issues, and
discuss possible policy coordination, as we prepare to incorporate development issues
in the main agenda of the November Seoul Summit. Discussions will cover Korea’s
development experience, along with a wide range of development related subjects --
including trade, infrastructure, food security, and financial inclusion.

As Chairman of the Presidential committee of the G20 Summit, Dr. SaKong, Il will
make the opening remarks, outline the goals of the conference, and introduce the
development issues to be discussed.

In addition, Chairman Sakong, Il will host the roundtable session, intended to

formulate concrete development policy suggestions which may be incorporated into
the G20 agenda.

Attendees will include delegations from the G20 members, international organizations,
academics and research institutions. In addition, forty leaders in the development
arena will participate. They will include Ernesto Zedillo, former Mexican President;
Trevor Manuel, Head of South Africa National Planning Commission; Justin Yifu Lin,
World Bank Chief Economist; and Princess Maxima of the Netherlands, UN Secretary
General’s Special Advocate for Inclusive Finance. World Bank Managing Director,
Ngozi Okonjo-Iweala will attend the conference on behalf of the World Bank
President Robert Zoellick.

Following the conference, Chairman SaKong, Il will hold a joint press conference
with Ngozi Okonjo-Iweala and Ernesto Zedillo.

* Should you wish to interview one of our main speakers, please contact InJu Chang,
Deputy Director of the Presidential Committee for G20 Summit by Friday, May 28,
(Tel. +82 2 398 9605)
※ Attached
1. Schedule for the Busan G20 Ministers and Governors Meeting
2. A list of attendees from the G20 and International Organizations
Attachment # 1 Busan G20 Ministers and Governors Meeting Schedule

Friday
June 4

18:00~18:30 Reception

18:30~19:00 Group Photo

Session 1: Global Economy

19:00~21:00
(working dinner, open discussion, Ministers and Governors only)

Saturday
June 5

08:30~10:30 Session 2: Framework

10:45~12:45 Session 3: Financial Regulatory Reform

13:00~14:00 Session 4: IFI Reform & Global FSNs (working lunch)

Session 5: Other Issues & Communiqué sign-off

14:30~15:30
(Fossil fuel subsidies, financial inclusion, etc.)

16:30~17:10 Press Conference

Attachment #2 Attendees from the G20 and International Organizations

G20 Members

Country Finance Ministry Central Bank

Argentina Amado Boudou, Minister Sergio Chodos, Director

Australia Wayne Swan, Minister Glenn Stevens, Governor
Brazil Guido Mantega, Minister Henrique Meirelles, Governor
Canada James Flaherty, Minister Mark Carney, Governor
China Xie Xuren, Minister Zhou Xiaochean, Governor
France Christine Lagarde, Minister Jean-Pierre Landau, Deputy Governor
Germany Wolfgang Schauble, Minister Axel Weber, Governor
India Pranab Mukherjee, Minister Subbarao Duvvuri, Governor
Indonesia Sri Indrawati, ex-Minister Darmin Nasution, Governor (acting)
Italy Guilio Tremonti, Minister Mario Draghi, Governor
Japan Naoto Kan, Minister Masaaki Shirakawa, Governor
Mexico Ernesto Cordero Arroyo, Minister Agustin Carstens, Governor
Russia Dmitry Pankin, Deputy Minister Sergey Ignatiev, Governor
Saudi
Ibrahim Al-Assaf, Minister Muhammad Al-Jasser, Governor
Arabia
South
Pravin Gordhan, Minister Gill Marcus, Governor (provisional)
Africa
South
Jeung-Hyun Yoon, Minister Choong-soo Kim, Governor
Korea
Turkey Ali Babacan, Deputy Minister Durmus Yilmaz, Governor
UK George Osborne, Minister Mervyn King, Governor
USA Timothy Geithner, Secretary Kevin M. Warsh, Deputy Governor
Elena Salgado, Minister (Spain)
EU
Jean-Claude Trichet, Governor
(EC, ECB)
Olli Rehn, EC Commissioner
 International Organizations

IMF Dominique Strauss-Kahn, Managing Director

WB Ngozi Okonjo-Iweala, Managing Director
OECD Angel Gurria, Secretary General
FSB Svein Andresen, Secretary General
IMFC
(International Monetary Youssef Boutros Ghali, Chairman
Financial Committee)
DC
Ahmed Al-Khalifa, Chairman
(Development Committee)