{
  "title": "News Brief: IMF Managing Director Congratulates Korea on Early Repayment of 1997 Stand-By Credit",
  "publication": "IMF News, August 22, 2001",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/29/18/03/nb0182",
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  "summary": "Date: August 22, 2001",
  "authors": [
    "Credit News Brief Related Links Republic"
  ],
  "publishDate": "2001-08-22",
  "sections": [
    {
      "heading": "Background",
      "content": "- Date: August 22, 2001\n- Issuing office: IMF EXTERNAL RELATIONS DEPARTMENT, Public Affairs, Media Relations\n- Contact information as listed:\n  - E-mail: publicaffairs@imf.org; media@imf.org\n  - Fax: 202-623-6278\n  - Phone: 202-623-7100\n- Event: Korea's scheduled early repayment on August 23, 2001 of the final installment outstanding from 1997 IMF drawings under a stand-by credit."
    },
    {
      "heading": "Key statistics",
      "content": "- Final installment outstanding repaid: SDR 111.2 million (about US$142.3 million)\n- Total drawings outstanding prior to final installment: SDR 14.4 billion (about US$19.5 billion)\n- Original stand-by credit size: SDR 15.5 billion (about US$21 billion)\n- Related reference: Press Release No. 97/55"
    },
    {
      "heading": "Managing Director Horst Köhler's letter — main points (excerpt)",
      "content": "- \"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.\"\n- The early repayment is presented as:\n  - testimony of the economy's \"remarkably rapid stabilization and recovery from crisis conditions in late 1997\"\n  - evidence of \"Korea's financial strength\"\n  - 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\"\n- Confidence and commitment:\n  - \"We are confident that with your strong leadership Korea will successfully continue to restructure its economy to meet the challenges that still lie ahead.\"\n  - \"Rest assured that the IMF will, for its part, cooperate closely with the Government of Korea in its future endeavors.\""
    },
    {
      "heading": "Implications and policy messages",
      "content": "- Achievement framed as a milestone signaling successful stabilization and recovery from the 1997 crisis.\n- Early repayment highlighted as an example/model of effective country–IMF cooperation.\n- IMF expresses readiness to continue cooperation with Korea on future economic restructuring efforts.\n\nIMF EXTERNAL RELATIONS DEPARTMENT; Public Affairs; Media Relations; August 22, 2001.\n\n---\n\n\n References\n\n- Republic of Korea and the IMF\n- News Briefs\n- Press Release No. 97/55\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/29/18/03/nb0182"
    }
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    "Authors: Credit News Brief Related Links Republic",
    "Published: August 22, 2001",
    "Date: August 22, 2001",
    "Issuing office: IMF EXTERNAL RELATIONS DEPARTMENT, Public Affairs, Media Relations",
    "Contact information as listed:",
    "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:",
    "Confidence and commitment:",
    "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.",
    "[Republic of Korea and the IMF](http://www.imf.org/external/country/KOR/index.htm)",
    "[News Briefs](https://www.imf.org/en/news/searchnews)",
    "[Press Release No. 97/55](https://www.imf.org/external/np/sec/pr/1997/pr9755.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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