Finance Minister Hong Nam-ki has proposed that the central banks of the Group of 20(G20) major economies extend currency swaps among each other. 

Hong made the proposal on Tuesday as he stressed that it’s imperative to expand the function of the International Monetary Fund(IMF) in order to strengthen the global financial safety net.  

He made the remarks during a special meeting of G20 finance ministers and central bank governors held via video conferencing. 

Hong then again called on the IMF to consider allocating Special Drawing Rights(SDR) to provide global liquidity. SDR is an international reserve asset issued by the IMF to its member countries.