KCTU Urges IMF to Stop Interfering in Korean Economic Policy

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KCTU Urges IMF to Stop Interfering in Korean Economic Policy

Lee Kap Yong, leader of the Korean Confederation of Trade Unions (KCTU), met Michel Camdessus, managing director of IMF, at the Lotte Hotel in downtown Seoul on May 21 and urged him to stop interfering in Korean economic policy.
The union leader told the IMF head that the side effects, particularly massive unemployment, caused by the IMF program are very serious.
He also insisted that advanced countries actively seek to relieve South Korea of much of its foreign debt because the Korean foreign currency crisis stemmed from the structural problems of the world capitalist system.
Camdessus said that massive unemployment or the widening disparity in social classes resulted not from the IMF program but from a structural contradiction in the Korea economy, adding that he can fully understand the sufferings of the Korean workers
He stressed that Korea's economic reforms including corporate restructuring have been voluntarily implemented by the Korean Government, not forced by the IMF.

Jangsoo Seo:jsbee@joongang.co.kr
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