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Press Conference of Stanley Fischer, First Deputy Managing Director, IMF: IMF aid package to South Korea

On December 5, 1997, Stanley Fischer, First Deputy Managing Director of the IMF, gave a press conference on the IMF aid package to South Korea.

The beginning of the financial crisis in South Korea can be traced to the collapse of Hanbo Steel Corp., the first in a string of large corporate failures in South Korea. This was followed by the decline in the value of the Korean won against the dollar in October 1997, which persisted until November when the Central Bank of Korea stopped intervening to support the won. The continued decline in won forced the Korean government to seek financial assistance from the International Monetary Fund (IMF). On December 3, the IMF announced a $55 billion aid package for South Korea.

Archived Scout Publication URL
  • https://scout.wisc.edu/report/be/1997/1218
Date Issued
1997
Language
Date of Scout Publication
December 18th, 1997
Date Of Record Creation
April 3rd, 2003 at 12:41pm
Date Of Record Release
April 3rd, 2003 at 12:41pm
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