Pure Foreign Debt Reduced
Korea's pure foreign debt keeps reducing to levels seen in 1996 due to the recent growth in trade surplus.According to the Ministry of Finance and Economy on October 29, the debt as of August, 1998, is 125 billion dollars in the form of World Bank(IBRD) loans and other foreign instituions while the total of Korean assets in international markets remains at 87 billion dollars.
Thus the genuine or net foreign debt is 37 billion dollars which is similar to that of 1996. It has been reducing due to the trade surplus and rise in external investments, and the total should dip down to the 30 billion dollar level at the end of the year.
with the Korea JoongAng Daily
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