The South Korean parliament has passed a controversial package of laws giving businesses more freedom to make redundancies.

The reforms were required by the International Monetary Fund before it would make nearly $60bn of emergency loans to help the country out of its economic decline.

An important achievement for Kim Dae Jung

The laws have taken two weeks to pass through the National Assembly and the BBC's Seoul correspondent says they are an important achievement for the president-elect, Kim Dae Jung, who does not formally take power until February 25.

South Korean unions had expressed concerns over the new legislation, which will end the country's jobs-for-life culture.

The Korean Confederation of Trade Unions initially threatened a general strike unless the deal was re-negotiated but backed down over fears of further damaging international confidence in South Korea's economy.

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