Skip to Content

Japanese Financial Support to Korea Under the Framework of the ''New Miyazawa Initiative''

MINISTRY OF FINANCE
THE GOVERNMENT OF JAPAN

Japanese Financial Support to Korea
Under the Framework of the ''New Miyazawa Initiative''

March 20, 1999

  1.      We indicated to the Government of Korea that we would extend our financial support to Korea under the framework of “A New Initiative to Overcome the Asian Currency Crisis - New Miyazawa Initiative-” to assist its efforts in overcoming its current economic difficulties.
          The support to Korea will be extended in the form of a two-step loan to the Korean Development Bank by the Export-Import Bank of Japan(JEXIM), amounting to the Yen equivalent of U.S.$1 billion.

  2.      The financial support will be medium- to long-term financial support extended under the framework of this initiative in response to the request from the Government of Korea. The Government of Japan will continuously look into Korea’s financial needs and consider appropriate support if necessary.

  3.      The Government of Japan hopes that this support will help Korea to overcome its current economic difficulties and that its economy will return to a stable growth path as quickly as possible.

HOME