## News Brief: Camdessus Welcomes Korea’s Request for IMF Assistance

_IMF News, November 21, 1997_

## Source details

**Canonical URL:** [News Brief: Camdessus Welcomes Korea’s Request for IMF Assistance](https://www.imf.org/en/news/articles/2015/09/29/18/03/nb9725)

## Other formats

- [Markdown version](/en/news/articles/2015/09/29/18/03/nb9725/index.md)
- [Structured JSON version](/en/news/articles/2015/09/29/18/03/nb9725/index.json)
- [Bundle manifest](/en/news/articles/2015/09/29/18/03/nb9725/bundle-manifest.json)

## 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.*

---


## 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)
- [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/nb9725_