SEJONG -- South Korea will join a move by the International Monetary Fund (IMF) to help low-income nations recover from the coronavirus pandemic, Finance Minister Hong Nam-ki said Wednesday.

Hong made the remarks during a virtual meeting with IMF Director Kristalina Georgieva earlier in the day, the Ministry of Economy and Finance said in a statement.

South Korea also supports an increase in funding for the IMF as demand for loans and grants jumped in the wake of the pandemic, Hong said.

Earlier this month, the IMF said South Korea's economy will shrink 1.9 percent this year as the coronavirus pandemic ravaged exports and consumption.

The IMF's latest forecast represented a slight upgrade from its previous prediction of 2.1 percent contraction in June.

The IMF also painted a somewhat brighter picture of the global economy as advanced nations reopened their economies, although the pandemic has showed no signs of weakening. (Yonhap)