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Reuters: Korean turnaround:
Friday February 6, 4:03 pm Eastern Time
Korean economy "turning the corner" -- Camdessus
NEW YORK, Feb 6 (Reuters) - Recent South Korean reform efforts suggest the nation is deternimed to fight an ongoing financial crisis and should help, if maintained, to bring stability back, the head of the International Monetary Fund (IMF) said on Friday.
''Korea is certainly turning the corner,'' Michel Camdessus, the IMF's managing-director, told reporters here.
He was referring to Korea's economic prospects after the nation reached a landmark labor agreement with business and unions, making it easier for companies to cut payoffs in an effort to restructure.
''On this basis, things should continue improving,'' Cmadessus added.
Camdessus, who spoke at the Council on Foreign Relations, said there were ''six pillars'' supporting a new architecture for the IMF:
-- More effective surveillance of countries' economic policies, facilitated by fuller disclosure of financial and economic data.
-- Regional surveillance.
-- Financial sector reform, including better prudential regulation and supervision.
-- More effective structures for orderly debt work-outs, including better bankruptcy laws at the national and international levels.
-- Orderly capital account liberalization.
-- Strengthening of the international financial institutions, including their financial resources. |
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