S. Korean economic bailout cost $118b

S. Korean economic bailout cost $118b

South Korea has spent US$118 billion in public funds to bail out troubled financial organizations since the outbreak of the Asian economic crisis in late 1997, officials said Sunday.

The total amount of funds injected into the shaky financial sector in the last four years stood at 150.6 trillion won ($118 billion) at the end of October, the Ministry of Finance and Economy said.

So far, the government has retrieved 37.7 trillion won of its funds, it said.

South Korea has carried out a sweeping restructuring of ailing banks and corporations since it received a $58 billion rescue package from the International Monetary Fund in December 1997. -- AFP