The $19.5bn loan was part of a $58bn rescue package for South Korea at the height of the Asian economic crisis.
President Kim Dae-jung said that the end of IMF repayments meant that South Korea will now become a lending country, with its international status and credibility boosted.
Three years ago, with its economy on the verge of collapse, South Korea turned to
- James Bullard on 2% rates, tariffs and Fed leadership
- Turkish central bank raises overnight rates in bid to stop lira’s fall
- Podcast: David Hendry and John Muellbauer on empirical macro
- Policies must change to stop emerging markets crisis, analysts say
- Next financial crisis “will be brewing” in shadow banking – Bullard