S. Korea to repay IMF loan

Thu, 10 Dec 1998, 00:00 WIB | Source: AFP

SEOUL (AFP): South Korea on Wednesday decided to repay the
first 2.8 billion dollar tranche of its International Monetary
Fund (IMF) loan which matures on December 18, news reports said.

Foreign exchange reserves are expected to reach 47 billion
dollars by the end of this year even after the country reimburses
the 2.8 billion dollars, Yonhap news agency said.

"Usable" foreign exchange reserves are expected to surpass 50
billion dollars next year, with the current account surplus
predicted to be around 20 billion dollars.

The repayment of the IMF loans on maturity would help improve
sovereign credit ratings, leading to a lowering of offshore
borrowing rates and a boost for foreign direct investment in the
country, officials have said.

View JSON | Print