IMF approves pay-out to South Korea

FOLLOWS KOREA ELECTIONS As news of Mr Kim's victory came through, the International Monetary Fund approved the payment to Seoul of a second instalment of its huge economic rescue package.

The Fund agreed to pay a further three-and-a-half billion dollars.

A few hours later, the Asian Development Bank said it had approved a four-billion dollar loan, part of its share of the IMF deal, which is worth fifty-seven billion dollars in total.

The IMF says the latest payment will be made under a new programme it approved on Wednesday, which allows large sums to be given quickly to countries experiencing exceptional problems.

From the newsroom of the BBC World Service