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Korea's Economic
Policy
Korea has plans to complete structural reforms of the corporate
sector. |
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Establish information
seeking knowledge-based economy and continue ongoing efforts
with regard to Chaebol reforms. |
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Abolish existing regulatory
barriers, which limits the development of new trade and
business. |
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Organize skilled human resources
in the country, organization of information infrastructure. |
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To enhance the standard of living of the
low income sector of the population and broad base the
low-income groups of the nation. |
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| Economic
Reforms |
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Korea finalized
the stand by arrangement with the IMF (US$ 58 billion)
in December 2000 and abided by the IMF programme. |
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The conversion of domestic
banks short-term external debt (US$ 21.8 billion) into
long term government guaranteed loans. |
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| Financial
Reforms |
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Closing down and
selling non-profitable institutions. |
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Re-organizing viable institutions
by merging and re-capitalizing viable institutions and
projects. |
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Writing off and disposing bad
debts (non-performing loans). |
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Promotion of foreign direct
investment by liberalization and promotion of the capital
market. |
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Liberalization of foreign exchange
transactions. |
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| Corporate
Sector Re-structuring |
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Capital structure
improvements. |
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Business consolidation into
core competence areas. |
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Elimination of cross debt guarantees. |
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Enhancement of management transparency. |
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| Chaebol
Reform Agenda mentioned under Economic Policy |
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Compliance with
international standards of accounting. |
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Adaptation of combined financial
statements from fiscal year 1999. |
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Mandatory appointment of outside
directors. |
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Establishment of external auditors'
committee. |
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Prohibition of cross subsidiary
debt guarantee from April 1998. |
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Resolution of all existing
cross-debt guarantee by 2000. |
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