Presidential office rejects possibility of 2nd 'IMF crisis'
时间:2024-09-23 05:21:45 来源:American news
The presidential office Cheong Wa Dae on Friday dismissed the possibility of the country facing a financial crisis in the near future, saying the local economy remains strong while its exports continue to grow.
"Some have been raising the possibility of a second foreign exchange liquidity crisis as it will soon be the 20th anniversary since the country faced the last foreign exchange liquidity crisis, but there is no possibility of an economic crisis," Hong Jang-pyo, chief presidential secretary on economic affairs, told reporters.
(Yonhap)
"And the reason is because our economic fundamentals are completely different now."
The Cheong Wa Dae official was referring to the 1997 Asian Financial Crisis, which is better known here as the IMF crisis as the country was then forced to depend on bailout funds from the International Monetary Fund.
Hong noted the country's current account balance stood at a
US$10.3 billion deficit in 1997, but its current account surplus came to $98.7 billion in 2016.
"The country's foreign exchange reserve was at only $20.4 billion at that time. Currently, it stands at $384.7 billion," he said.
Also, the average debt ratio of local firms now remains stable at 67 percent, compared to 396 percent in 1997, he added.
The official also dismissed accusations from opposition parties that the government had reached a secret deal with the United States to renegotiate the Korea-U.S. FTA, but it had deceived the people by saying there will be no renegotiation of the bilateral trade deal that went into effect five years earlier.
"The government has consistently said that it will prepare for all possibilities, including a modification of the Korea-U.S. FTA.
I clearly state that there has been no official or unofficial behind-the-scenes deal," Hong told reporters.
Seoul and Washington agreed last week to start the process of modifying their free trade pact.
"The process has been pursued under the related provisions of the agreement and will continue to be so. The process to change the agreement will begin after all local procedures, such as a feasibility study and a parliamentary hearing, have been met," he added. (Yonhap)
"Some have been raising the possibility of a second foreign exchange liquidity crisis as it will soon be the 20th anniversary since the country faced the last foreign exchange liquidity crisis, but there is no possibility of an economic crisis," Hong Jang-pyo, chief presidential secretary on economic affairs, told reporters.
"And the reason is because our economic fundamentals are completely different now."
The Cheong Wa Dae official was referring to the 1997 Asian Financial Crisis, which is better known here as the IMF crisis as the country was then forced to depend on bailout funds from the International Monetary Fund.
Hong noted the country's current account balance stood at a
US$10.3 billion deficit in 1997, but its current account surplus came to $98.7 billion in 2016.
"The country's foreign exchange reserve was at only $20.4 billion at that time. Currently, it stands at $384.7 billion," he said.
Also, the average debt ratio of local firms now remains stable at 67 percent, compared to 396 percent in 1997, he added.
The official also dismissed accusations from opposition parties that the government had reached a secret deal with the United States to renegotiate the Korea-U.S. FTA, but it had deceived the people by saying there will be no renegotiation of the bilateral trade deal that went into effect five years earlier.
"The government has consistently said that it will prepare for all possibilities, including a modification of the Korea-U.S. FTA.
I clearly state that there has been no official or unofficial behind-the-scenes deal," Hong told reporters.
Seoul and Washington agreed last week to start the process of modifying their free trade pact.
"The process has been pursued under the related provisions of the agreement and will continue to be so. The process to change the agreement will begin after all local procedures, such as a feasibility study and a parliamentary hearing, have been met," he added. (Yonhap)
-
Footage of Kim Yo青年干警下基层 服务群众暖心窝Ted Cruz's weird beard briefly distracted us all from Trump's border stuntOsaka, Zverev into US Open last fourAnatomy of a KeyboardPM willing to meet NK delegation during Asian Games in event of encounter: senior officialLady Gaga's interview is the meme for denying everything from your pastPeople writer says Trump pushed her against wall and forcibly kissed her during an interview.Families of S. Korean detainees in NK appeal to embassies for support[News Focus] Schools prepare for online classes as virus shows no sign of abating
上一篇:Number Representations in Computer Hardware
下一篇:Sinner vs. Michelsen 2024 livestream: Watch US Open for free
下一篇:Sinner vs. Michelsen 2024 livestream: Watch US Open for free
相关内容
- ·When Are Next
- ·PM willing to meet NK delegation during Asian Games in event of encounter: senior official
- ·Chrome is still king of the web browsers, beating Firefox Quantum
- ·Antarctica's eastern glaciers are awakening, and melting
- ·Trump won't stop making a deceptive bird claim. Experts debunk it.
- ·No qualms about Ferrari move, says Sainz
- ·Tim Cook: Apple's biggest contribution to mankind will be about health
- ·整合资金 支持大众创业万众创新
- ·11 Unique Amaros and Liqueurs to Level Up Your Aperol Spritz
- ·一季度我市非公经济增速排全省第一位
- ·Antarctica's eastern glaciers are awakening, and melting
- ·新村变景区 重建助发展
- ·PCB official under probe for conflict of interest
- ·Messi has 'earned right' to leave Barca, says Ramos
- ·Dick Cheney vs. Donald Trump: Who would you vote for?
- ·iOS 11.1.2 is here to fix the iPhone X's cold weather struggles
最新内容
- ·DNC 2024 speech: Barack Obama and Michelle Obama have a superpower no other Democrat has.
- ·Anthony 'The Mooch' Scaramucci joins 'Big Brother: Celebrity Edition'
- ·Wearable sensor may help detect anxiety and depression in kids
- ·N. Korea's Kim given gift of drones on Russian trip
- ·20 Places to Eat Dumplings and Noodles for Lunar New Year
- ·S. Korea pushing to deploy Global Hawk aircraft this year
- ·Bosnia end Italy’s winning run in Nations League
- ·Korea’s front
- ·I went to an offline dating event for singles. Here's how it went.
- ·Russian FM to visit Pyongyang next month as follow
推荐内容
热点内容
- ·Which iPad Model Is Right for You?
- ·[News Focus] Schools prepare for online classes as virus shows no sign of abating
- ·PM willing to meet NK delegation during Asian Games in event of encounter: senior official
- ·NK hospital construction project moving ahead fast: state media
- ·Giant dual
- ·No qualms about Ferrari move, says Sainz
- ·Will court ruling to lift anti
- ·[News Focus] Schools prepare for online classes as virus shows no sign of abating
- ·味道真系正!怀集食材邂逅顺德厨艺
- ·Russian FM to visit Pyongyang next month as follow