South Korea calls for global financial safety net

BEIJING - South Korea, which will host the November meeting of the Group of 20 (G20) leading economies in Seoul, will push for an agreement on a global financial safety net that would help developing countries ward off external shocks, a top summit official said on Thursday.

The new safety net would be within the framework of existing financial institutions such as the International Monetary Fund (IMF) and would help in rebalancing the global economy, said Changyong Rhee, secretary-general of the Presidential Committee for the G20 Summit.

Rhee, the former vice-chairman of the Korean Financial Services Commission, the nation's top financial regulator, told China Daily that the safety net would act as an anchor mechanism that would provide liquidity during times of external crises to those countries who do not have too many internal problems.