- Oct 3, 2018
- 2,643
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To: His Excellency Secretary General Clark Stone < Hollie > CC: OhJoon@mofa.kr.gov, LeeByunghee@mofa.kr.gov |
From: ChoJiwon@moef.kr.gov < Vice Minister of Economy and Finance > |
Subject: Russian Economic Crisis & GA Resolution A/R0007 |
Security: Private and encrypted Protected by the NIS and MoFA DPB |
I hope this correspondence finds you in good health during this times of uncertainty across the member states of the Global Assembly. The Republic of Korea wishes to extend their appreciation for your continued support and attentiveness to this current economic crisis across Europe. Following Russia's agreement in following through with the provisions of the Draft Resolution submitted by our government addressing the Russian Financial Crisis, I wished to open a formal modem of dialogue to begin discussing the monetary and fiscal aspect of collection, appropriation, monitoring of the provisions of the resolution. Primarily, we are concerned with the GA's ability to raise the capital needed to assist with debt repayment by the Russian Government. Without an appropriate financial backing, we are worried that the short-term investor confidence will not rally and see continued decline in global stock value and appreciation. While this discussion should happen after the resolution is passed, we are worried that the time spent finalizing the resolution and adding extra time to implement the provision, the crisis will only be prolonged. I hoped that by opening this conversation early, we can preemptively tackle and rally global support to finance the resolution.
Based on current publicly declared statements we are aware that the Republic of Ukraine has pledged to purchase $10 billion worth of existing Russian debt while the Republic India has pledged $5 billion towards an interest-free loan. From the data we collected from the Russian Auction of equipment, the Russian Government raised $8,403,901,476 through selling partial portions of its auctioned equipment. These actions showcase Russia's strong commitment towards addressing its fiscal deficit and begin its economic recovery. The Republic of Korea hopes that the Monetary Foundation can provide additional debt relief through financing the resolution's emergency fund at minimum of $3 billion and at excess of whatever the foundation deems necessary.
Initially standing at ~$78 billion, Russia's fiscal deficit has significantly decreased to $63 billion. This $15 billion recovery is a step in the right direction. With an additional $15 billion to be provided by Ukraine, India, and the Republic of Korea's pledge for $1 billion, we believe that these are steps in the right direction. However, as you will notice, this will only reduce Russia's deficit to $48 billion. Significant steps will be required to lobby wealthier European and American financiers to back the resolution. As you are aware, the primary benefactors from this resolution will ultimately be Europe. I hope that you will use the epistemic authority in your office to call for global contributions towards assisting Russian in this economically turbulent times. I hope that we can discuss in more depth the technical aspects of the resolution once it is passed, however, we are confident that the resolution can be passed with Russia's approval.
While these times are difficult, I am certain that the current global consensus will exemplify humanities continued perseverance.
Signed with sincerity,
H.E. Mrs. Cho Jiwon
2nd Vice Minister of Economy and Finance
The Republic of Korea
Republic of Korea
Ministry of Foreign Affairs
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Ministry of Foreign Affairs
All information is protected from release by the Diplomatic Communications Security Act 1997
Authorized viewing is limited to those directly emailed, cc'd, and bcc'd
