More positive news from Asia. S.Korean candidates agree to uphold IMF terms
Reuters, Saturday, December 13, 1997 at 01:40
(there was some worry that some of the candidates wouldn't uphold the IMF
plan, which was slowing it down)
SEOUL, Dec 13 (Reuters) - South Korea's President Kim
Young-sam and the country's main presidential candidates pledged
on Saturday to uphold a deal with the International Monetary
Fund (IMF).
"As the incumbent president, and presidential candidates who
will become president or leaders of oppositions parties...we
will make every effort to raise our international credibility
and stabilise financial markets as quickly as possible by
complying with the agreements with the IMF," said a statement
signed by President Kim Young-sam and three candidates.
President Kim called a meeting with the candidates early on
Saturday to clear up a row over reported comments by two of the
candidates that they would seek a renegotiation of the
$57-billion dollar loan package if elected.
President Kim is barred by the constitution from a second
five-year term.
Aside from Kim, the statement was signed by the three
presidential candidates -- former labour minister Rhee In-je of
the New Party by the People, former judge Lee Hoi-chang of the
governing Grand National Party, as well as veteran opposition
leader Kim Dae-jung of the National Congress for New Politics.
Kim Dae-jung, who had led opinion polls for much of the
campaign, has said he would try to renegotiate the IMF
agreement, if he is brought to power in next Thursday's polls.
But in a letter to IMF managing director Michel Camdessus on
Thursday, Kim Dae-jung said he stood by the deal and had only
wanted to renegotiate parts of the package.
"As I had already indicated in my letter to President Kim
Young-sam on December 11, 1997, I supported the IMF package and
my position has not changed," Kim Dae-jung said.
"As stipulated in the agreement between the Korean
government and the IMF, I will maintain ongoing consultation
with the IMF in order to resolve additional issues and make up
for shortcomings in the agreement," Kim said.
He denied some press reports that he requested to
renegotiate the entire package. "I have never made such a
demand," Kim said.
For his part, Rhee on Friday held an emergency news
conference to stress he too would uphold the IMF agreement.
Lee Hoi-chang, however, had earlier on Friday already placed
an advertisement in the country's Saturday newspapers,
criticising the other candidates for damaging South Korea's
credibility.
"Kim Dae-jung's clumsy economic knowledge is ruining the
country. His request for IMF renegotiation is causing the dollar
to sky-rocket, financial institutions to go bankrupt, stock
market to plunge and massive unemployment to worsen." |
