08 December 1997 - International [South Korea]

The debt crisis intensifies as the Finance Ministry reveals that the country's short-term debt is about US$ 100 billion, nearly double the amount it claimed during last week's rescue negotiations with the IMF which resulted in the agreement of a US$57 billion financial rescue package. The IMF is to provide US$21 billion in a three-year stand-by credit. Other contributions are to come from the World Bank, Asian Development Bank and several bilateral loans.