News Brief: Camdessus Welcomes Korea’s Request for IMF Assistance
IMF News, November 21, 1997
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- News Brief: Camdessus Welcomes Korea’s Request for IMF Assistance
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Bibliographic details
- Published: November 21, 1997
Announcement and context
- Publication date: November 21, 1997
- Managing Director Michel Camdessus welcomed the Korean authorities’ announcement that they intend to enter into a financial arrangement with the IMF.
- The management of the IMF had been in contact with the Korean authorities in recent weeks on ways to overcome the financial crisis, "which has arisen despite sound macroeconomic trends."
- Financial market stabilization measures were announced two days ago; these measures "provide a good basis to begin the needed restructuring of the financial system."
IMF engagement and next steps
- "An IMF mission will arrive in Seoul next week to begin discussions with the Korean authorities."
- The IMF will "work closely and intensively with the authorities in their finalization of a strong program which I could forward to the Executive Board for approval under the IMF’s emergency financing mechanism (EFM)."
- The IMF has assured the Korean authorities of "our full support."
Objectives and policy direction
- Restructuring focus:
- Restructuring of the financial system.
- Further structural measures.
- Appropriate strengthening of monetary and fiscal policies.
- Expected outcomes from a strong adjustment program:
- Restore confidence.
- Recreate the ground for sustainable growth.
- Contribute significantly to financial stability in the region.
Contacts and media
- IMF EXTERNAL RELATIONS DEPARTMENT
- Public Affairs / Media Relations
- E-mail: publicaffairs@imf.org
- E-mail: media@imf.org
- Fax: 202-623-6278
- Phone: 202-623-7100
Source: IMF News Brief, November 21, 1997.