Korea Will Be a Creditor Nation in 1999
Korea will be a creditor nation in 1999 graduating from the list of debtor countries.According to the government on December 29, Korea will secure at least 55 billion dollars in foreign exchange next year.
In addition to that, the overhead trade surplus will reach 20 billion dollars with direct external investment at 10 billion, so Korea for the first time will be a creditor state.
The government predicted that the current foreign exchange will surpass 55 billion dollars even after paying back debts that come due, with further additional back-up funds secured in the event of the unforeseen.
To boost business groups' activities, the administration will exempt 5 percent out of the total tax imposed on businesses.
with the Korea JoongAng Daily
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