Asian Financial Crisis and IMF-led reforms (1997–1999)

1. South Korea formally seeks IMF assistance

   Nov 21, 1997Labels: South Korea, IMF

   • CNN Money
   • Hoover

2. Government submits IMF Letter of Intent

   Dec 3, 1997Labels: Letter of, Korean government

   • IMF LOI
   • UPI

3. IMF approves $21B stand-by for Korea

   Dec 4, 1997Labels: IMF, Stand-by Arrangement

   • IMF PR
   • Japan MOF

4. Capital account liberalization steps accelerated

   Dec 12, 1997Labels: Capital liberalization, Korean equities

   • IMF LOI

5. Monetary tightening pushes call rate near 30%

   Dec 24, 1997Labels: Monetary policy, Korean central

   • IMF LOI

6. Tripartite labor accord framework finalized

   Feb 6, 1998Labels: Tripartite accord, Labor management

   • MPM Korea
   • IMF LOI

7. Kim Dae-jung inaugurated amid crisis reforms

   Feb 25, 1998Labels: Kim Dae-jung, Presidency

   • Nautilus
   • IMF LOI

8. Bank short-term external debt restructuring completed

   May 2, 1998Labels: Bank debt, Debt restructuring

   • IMF LOI

9. Korea issues $4B sovereign global bond

   May 2, 1998Labels: Sovereign bond, South Korea

   • IMF LOI

10. Large-scale NPL purchases by KAMCO begin

    Sep 29, 1998Labels: KAMCO, Non-performing loans

    • KAMCO paper

11. Financial Supervisory Service (FSS) established

    Jan 2, 1999Labels: Financial Supervisory, Regulator

    • FSS

12. Daewoo subsidiaries placed into debt workout

    Aug 27, 1999Labels: Daewoo, Debt workout

    • CNN Money
    • Chosun

13. Korea fully repays IMF borrowings early

    Aug 23, 2001Labels: IMF repayment, South Korea

    • DongA
    • RBA