Finance Minister Kim Dong-yeon says that the two Koreas will have to secure approval and agreements from the international community before inter-Korean economic cooperation can start. 

The minister made the comment on Wednesday during an interview with a TBS radio program.

Regarding inter-Korean economic cooperation, Kim said that the government believes it needs to take time and prepare calmly because it has a long way to push for inter-Korean economic cooperation.

The minister said that the World Bank, the International Monetary Fund(IMF), the Asian Development Bank and the European Bank for Reconstruction and Development contacted the Seoul government to express their intent to provide development funds and assistance if the North decides to open up to the outside world. 

He added that for the North to receive the development funds, it has to join the international organizations, adding all the banks are saying that the North should join the IMF. 

Kim said that it takes three years for a country to join the IMF as the organization has to analyze the country's economic conditions and data.

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