News Brief No. 01/82

News Brief: IMF Managing Director Congratulates Korea on Early Repayment of 1997 Stand-By Credit

August 22, 2001

On the occasion of Korea's scheduled early repayment on August 23, 2001 of the final installment of SDR 111.2 million (about US$142.3 million) outstanding from SDR 14.4 billion (about US$19.5 billion) in drawings from the International Monetary Fund (IMF) under an SDR 15.5 billion (about US$21 billion) stand-by credit (see Press Release No. 97/55), Mr. Horst Köhler, the Managing Director of the IMF, sent a letter to the Korean President Kim Dae Jung congratulating him for Korea's achievements.

The letter states in part:

"Korea's early repayment of the full amount of loans from the IMF is a major milestone, and I would like to offer you my heartfelt congratulations. This accomplishment is testimony of the economy's remarkably rapid stabilization and recovery from crisis conditions in late 1997 and also Korea's financial strength. Further, the close cooperation between Korea and the IMF over the last few years has been exemplary and in many respects serves as a model for other countries. We are confident that with your strong leadership Korea will successfully continue to restructure its economy to meet the challenges that still lie ahead. Rest assured that the IMF will, for its part, cooperate closely with the Government of Korea in its future endeavors."