BBC News Online: Business

Korean candidates vow to honour IMF deal

The three candidates made the joint statement in Seoul before a meeting of the IMF board in Washington on Monday where officials will discuss whether to speed up the payment of $21bn in standby loans to Seoul.

Earlier, the United States turned down a request from South Korea that a portion of the loan be released early.

With the South Korean stock market continuing to fall, the country's financial crisis has intensified.

But the message from the White House is that the only solution for South Korea is to press ahead with radical economic reforms in order to access $57bn promised by the IMF.

The four candidates made the vow after a 70-minute meeting at the presidential Blue House arranged by Mr Kim to ease concern that South Korea might backtrack on the terms of the agreement.

The opposition leader and front-runner in the election, Kim Dae-Jung, said his earlier statements about renegotiating the deal had been misinterpreted.

Kim Dae Jung said he only meant that some details would require further talks with the IMF.

Relevant Stories

US refuses release of rescue funds (13 Dec 97 | Business)

Internet Links

Korea Stock Exchange
South Korean government

The BBC is not responsible for the content of external internet sites.

Summaries

In this section

Koreans take to streets in IMF protest
Milestone world trade agreement
Plenty to discuss at Asean meeting
Core Pacific Group to take over Yamaichi Hong Kong
Fiat heir dies at 33
Malaysian PM suggests self help (From Despatches
)
Kyoto: Implications for business (From Despatches
)
Microchip giant goes to Scotland
Showdown at Liberty
Business debtors face interest charges

Business Contents

• Commodities
• Interest Rates
• Exchange Rates
• The Markets
• UK Business Summary
• UK Shares
• UK Results