Gov"t to Pay Back $1 Billion to IMFThe government will pay back one billion dollars of debt which comes due on February 19 to the International Monetary Fund(IMF).
The Ministry of Finance and Economy(MOFE) announced on February 18 that it has decided to reimburse the IMF, judging that as foreign reserves amount to 52 billion dollars as of February 12, Korea can afford to pay back its foreign debts with some measure of security.
Accordingly, the total debt that Korea incurred from the IMF bailout will be reduced from the initial 19 billion dollars to 14.2 billion dollars. The government had already paid back 2.8 billion dollars in December 1998 and 1 billion dollars in January 1999.
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