South Korea has paid back the 19-point-five billion dollar loans it borrowed from the IMF during the 19-97 Asian currency crisis.
The Bank of Korea transferred the final installment of one hundred-40 million dollars to the lending agency on Thursday ... completely cleaning up the debts. The full repayment came three years and eight months ahead of schedule.
The debt repayment frees South Korea from mandatory prior consultations with the IMF in planning and implementing macro economic policies.
South Korea was hit by a severe liquidity crisis in late 19-97, and forced to appeal for a record 58 billion dollar bailout package from the IMF.
South Korea used 30 point two billion dollars of the package, including 19 point five billion dollars from the IMF.
It has paid back all loans drawn from the World Bank and other international financial organizations.