News Brief: IMF Managing Director Congratulates Korea on Early Repayment of 1997 Stand-By Credit

IMF News, August 22, 2001

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Canonical URL: News Brief: IMF Managing Director Congratulates Korea on Early Repayment of 1997 Stand-By Credit

Date: August 22, 2001
Issuing office: IMF EXTERNAL RELATIONS DEPARTMENT, Public Affairs, Media Relations
Contact information as listed:
- E-mail: publicaffairs@imf.org; media@imf.org
- Fax: 202-623-6278
- Phone: 202-623-7100
Event: Korea's scheduled early repayment on August 23, 2001 of the final installment outstanding from 1997 IMF drawings under a stand-by credit.

Final installment outstanding repaid: SDR 111.2 million (about US$142.3 million)
Total drawings outstanding prior to final installment: SDR 14.4 billion (about US$19.5 billion)
Original stand-by credit size: SDR 15.5 billion (about US$21 billion)
Related reference: Press Release No. 97/55

"Korea's early repayment of the full amount of loans from the IMF is a major milestone, and I would like to offer you my heartfelt congratulations."
The early repayment is presented as:
- testimony of the economy's "remarkably rapid stabilization and recovery from crisis conditions in late 1997"
- evidence of "Korea's financial strength"
- a result of "close cooperation between Korea and the IMF over the last few years" that "has been exemplary and in many respects serves as a model for other countries"
Confidence and commitment:
- "We are confident that with your strong leadership Korea will successfully continue to restructure its economy to meet the challenges that still lie ahead."
- "Rest assured that the IMF will, for its part, cooperate closely with the Government of Korea in its future endeavors."

Achievement framed as a milestone signaling successful stabilization and recovery from the 1997 crisis.
Early repayment highlighted as an example/model of effective country–IMF cooperation.
IMF expresses readiness to continue cooperation with Korea on future economic restructuring efforts.

IMF EXTERNAL RELATIONS DEPARTMENT; Public Affairs; Media Relations; August 22, 2001.