Financial Institutions Payoff Foreign Debt Early
Twenty-one domestic financial institutions, including banks and finance companies, paid off 3.7 billion dollars out of a total of 21 billion dollars in debt, on April 8.The money was borrowed in 1998 for a three-year period, but they decided to repay a portion of it one year earlier than it was due.
A source from the Ministry of Finance and Economy asserted, 'While the government's debt guarantee burden is being reduced, the international credibility of the financial sector will rise because of this action. It should positively influence our borrowing ability in the near future.'
Hwashik Bong : trojans@joongang.co.kr
with the Korea JoongAng Daily
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