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

_IMF News, August 22, 2001_

## Source details

**Canonical URL:** [News Brief: IMF Managing Director Congratulates Korea on Early Repayment of 1997 Stand-By Credit](https://www.imf.org/en/news/articles/2015/09/29/18/03/nb0182)

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## Bibliographic details
- Authors: Credit News Brief Related Links Republic
- Published: August 22, 2001

---

### Background
- 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.

### Key statistics
- 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

### Managing Director Horst Köhler's letter — main points (excerpt)
- "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."

### Implications and policy messages
- 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.*

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## References

- [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)

_Source: https://www.imf.org/en/news/articles/2015/09/29/18/03/nb0182_