Korea"s Foreign Debt Decreases
Korea's gross foreign debt as of the end of Febrary 1999 is about 145 billion dollars, according to data released by the Ministry of Finance and Economy(MOFE) on April 11.This amount is less than the amount recorded in 1996, about 164 billion dollars, but more than the debt of 127 billion dollars at the end of 1995.
However, the net foreign debt amounts to 16.1 billion dollars, 5 percent less than last month.
A source at MOFE said, 'The level of foreign debt is still high due to outstanding IMF loans, but we still should observe the significance of the apparent decreasing trend.'
Foreign debt amassed in the non-government sector is 41.36 billion dollars, an increase of 0.5 percent over last month owing to the increase of credit on imports.
Jooan Kang : jooan@joongang.co.kr
with the Korea JoongAng Daily
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