The Wall Street Journal says South Korea and the International Monetary Fund (IMF) are crafting a new emergency loan program specifically tailored for Asia.

The report said the program would be made available to troubled regions during a financial crisis.

According to the daily, the new program would give the IMF a way to rebuild ties with Asian nations that are still resentful of the IMF's heavy-handed role during the Asian financial crisis.

The report said the details of the program are expected to be complete in time for the November Group of 20 summit in Seoul.