{
  "title": "News Brief: Camdessus Welcomes Korea’s Request for IMF Assistance",
  "publication": "IMF News, November 21, 1997",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/29/18/03/nb9725",
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  "summary": "Publication date: November 21, 1997",
  "publishDate": "1997-11-21",
  "sections": [
    {
      "heading": "Announcement and context",
      "content": "- Publication date: November 21, 1997\n- Managing Director Michel Camdessus welcomed the Korean authorities’ announcement that they intend to enter into a financial arrangement with the IMF.\n- 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.\"\n- Financial market stabilization measures were announced two days ago; these measures \"provide a good basis to begin the needed restructuring of the financial system.\""
    },
    {
      "heading": "IMF engagement and next steps",
      "content": "- \"An IMF mission will arrive in Seoul next week to begin discussions with the Korean authorities.\"\n- 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).\"\n- The IMF has assured the Korean authorities of \"our full support.\""
    },
    {
      "heading": "Objectives and policy direction",
      "content": "- Restructuring focus:\n  - Restructuring of the financial system.\n  - Further structural measures.\n  - Appropriate strengthening of monetary and fiscal policies.\n- Expected outcomes from a strong adjustment program:\n  - Restore confidence.\n  - Recreate the ground for sustainable growth.\n  - Contribute significantly to financial stability in the region."
    },
    {
      "heading": "Contacts and media",
      "content": "- IMF EXTERNAL RELATIONS DEPARTMENT\n  - Public Affairs / Media Relations\n  - E-mail: publicaffairs@imf.org\n  - E-mail: media@imf.org\n  - Fax: 202-623-6278\n  - Phone: 202-623-7100\n\nSource: IMF News Brief, November 21, 1997.\n\n---\n\n\n References\n\n- Republic of Korea and the IMF\n- News Briefs\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/29/18/03/nb9725"
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    "Published: November 21, 1997",
    "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.\"",
    "\"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.\"",
    "Restructuring focus:",
    "Expected outcomes from a strong adjustment program:",
    "IMF EXTERNAL RELATIONS DEPARTMENT",
    "[Republic of Korea and the IMF](http://www.imf.org/external/country/KOR/index.htm)",
    "[News Briefs](https://www.imf.org/en/news/searchnews)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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