Seoul pays off its IMF debts

SOUTH KOREA - South Korea has fully repaid the last instalment of a multi-billion dollar loan from the International Monetary Fund.

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