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제목SOUTH KOREA: IMF OFFICIALS ARRIVE FOR FINANCIAL CRISIS TALKS
설명International Monetary Fund officials arrived in Seoul on Sunday, saying they were ready to help South Korea cope with a financial crisis that has worldwide implications. The three-member delegation, the first of two from the Fund, came to observe the financial sector before setting terms for a 20 billion dollar aid package being sought by South Korea. The second I-M-F delegation, due in Seoul early this week, will check on South Korea's general economy. The first International Monetary Fund delegation arrived at Seoul's Kimpo International Airport on Sunday after South Korea's call for help. The delegation, led by Tomas Balino, will look into South Korea's banking sector. At a news conference, Balino said his delegation has come to help the government cope with its financial crisis. But he refused to comment on Seoul's tentative target of a 20-billion dollar aid package from the I-M-F. Balino said South Korea's situation was different from that of Thailand or Indonesia. He said South Korea could ask for more funding than that given to Thailand and Indonesia earlier this year because South Korea had a larger quota in the I-M-F. Under a quota increase pact reached at the I-M-F's Hong Kong annual meeting, South Korea stands to receive at least a 45 per cent increase in its current quota. But Balino said a larger economy didn't necessarily mean more money was needed to help it out. SOUNDBITE: (English) "The financial system here is different from that of Thailand and Indonesia, and so I will remind you that the situation will be different. This is a much larger economy. There may be things in common, like bad loans of the financial sector are a problem there and a problem here. But I think there are quite a few differences." SUPER CAPTION: Tomas Balino, International Monetary Fund The major focus of the I-M-F-coordinated restructuring will be on the nation's inefficient finance industry. Many South Korean commercial and merchant banks are reeling, with 26 billion dollars in non-performing loans. About a dozen big companies, including the Kia Group - the country's eighth largest conglomerate which owns Kia Motors - have failed in the past year, with huge debts in bank loans. Most South Korean banks are government-controlled and their loan policy has often been influenced by political lobbying. Banks which have borrowed heavily from abroad are in trouble. With their credit ratings down, they have no longer been able to borrow from overseas and have scrambled for dollars in the domestic market, creating a currency crisis. The currency crisis is expected to ease in mid-December when the I-M-F bailout fund is expected to arrive. The first I-M-F delegation is expected to meet officials from the Bank of Korea and the finance ministry. The second group, due to arrive later this week, will look into South Korea's general economy. You can license this story through AP Archive: http://www.aparchive.com/metadata/you... Find out more about AP Archive: http://www.aparchive.com/HowWeWork
생산자AP Archive
날짜1997-11-23
기록유형동영상
기록형태영상클립
주제IMF협상
연관링크https://youtu.be/ndu65sKMraA
식별번호KC-R-05365
제목SOUTH KOREA: IMF OFFICIALS ARRIVE FOR FINANCIAL CRISIS TALKS
설명International Monetary Fund officials arrived in Seoul on Sunday, saying they were ready to help South Korea cope with a financial crisis that has worldwide implications. The three-member delegation, the first of two from the Fund, came to observe the financial sector before setting terms for a 20 billion dollar aid package being sought by South Korea. The second I-M-F delegation, due in Seoul early this week, will check on South Korea's general economy. The first International Monetary Fund delegation arrived at Seoul's Kimpo International Airport on Sunday after South Korea's call for help. The delegation, led by Tomas Balino, will look into South Korea's banking sector. At a news conference, Balino said his delegation has come to help the government cope with its financial crisis. But he refused to comment on Seoul's tentative target of a 20-billion dollar aid package from the I-M-F. Balino said South Korea's situation was different from that of Thailand or Indonesia. He said South Korea could ask for more funding than that given to Thailand and Indonesia earlier this year because South Korea had a larger quota in the I-M-F. Under a quota increase pact reached at the I-M-F's Hong Kong annual meeting, South Korea stands to receive at least a 45 per cent increase in its current quota. But Balino said a larger economy didn't necessarily mean more money was needed to help it out. SOUNDBITE: (English) "The financial system here is different from that of Thailand and Indonesia, and so I will remind you that the situation will be different. This is a much larger economy. There may be things in common, like bad loans of the financial sector are a problem there and a problem here. But I think there are quite a few differences." SUPER CAPTION: Tomas Balino, International Monetary Fund The major focus of the I-M-F-coordinated restructuring will be on the nation's inefficient finance industry. Many South Korean commercial and merchant banks are reeling, with 26 billion dollars in non-performing loans. About a dozen big companies, including the Kia Group - the country's eighth largest conglomerate which owns Kia Motors - have failed in the past year, with huge debts in bank loans. Most South Korean banks are government-controlled and their loan policy has often been influenced by political lobbying. Banks which have borrowed heavily from abroad are in trouble. With their credit ratings down, they have no longer been able to borrow from overseas and have scrambled for dollars in the domestic market, creating a currency crisis. The currency crisis is expected to ease in mid-December when the I-M-F bailout fund is expected to arrive. The first I-M-F delegation is expected to meet officials from the Bank of Korea and the finance ministry. The second group, due to arrive later this week, will look into South Korea's general economy. You can license this story through AP Archive: http://www.aparchive.com/metadata/you... Find out more about AP Archive: http://www.aparchive.com/HowWeWork
생산자AP Archive
날짜1997-11-23
언어영어
출처youtube
연관링크https://youtu.be/ndu65sKMraA
기록유형동영상
기록형태영상클립
대주제IMF협상
소주제1차협상
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