IMF measures overly harsh

IMF measures overly harsh

SEOUL (Reuters): South Korean President Kim Dae-jung has told an Australian newspaper that International Monetary Fund policies imposed to rescue his country from a financial crisis were too harsh and needed adjustment.

The paper, the Australian, quoted Kim in an interview published on Saturday as saying the IMF had provided South Korea with great help, but he also described some of its policies as being inadequate.

"Especially they wanted too much austerity and too high interest rates," he told the paper.

"We have reorganized this, so we are now making adjustments to policy," he added.

South Korea was forced to turn to the IMF last year for a record $58.35 billion bail-out package at the height of a financial crisis which brought it to the brink of national default.