The United States Treasury Secretary, Robert Rubin, has called on international banks to ease debt repayment terms for financial institutions in South Korea.

Mr Rubin praised Seoul's commitment to the economic reforms that it agreed with the International Monetary Fund in exchange for a $55bn financial rescue package.

The call came after a meeting with economic advisors of the Korean president-elect, Yong-Hwan Kim and Jong-Keun You.

The managing director of the IMF, Michel Camdessus, said earlier that he believed the Asian economic crisis is stabilising.

The IMF has arranged more than $100bn of funding for South Korea, Indonesia and Thailand - the countries worst affected by the plunge in currencies and stock markets.

Mr Camdessus was speaking as he arrived for talks with the European Union's Finance Commissioner on the economic turmoil in Asia.
 

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