Gov"t Won"t Borrow $3 Billion from IBRD
The government will not borrow the 3 billion dollars which it is scheduled to receive in the latter half of this year from the International Bank for Reconstruction and Development(IBRD).A source at the Ministry of Finance and Economy (MOFE) said on January 29, ' As of now, the available foreign reserves have surpassed 50 billion dollars. Accordingly, there is no reason to borrow any money from the IBRD.'
He added that as Korea's sovereign credit rating was recently raised, Korea can borrow money in international markets with better conditions than the IBRD can offer.
with the Korea JoongAng Daily
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