English

Foreign exchange crisis caused by wrong economic policy in S. Korea

Pyongyang, January 29 (KCNA) — The “Munhwa Broadcasting Corporation” of South Korea January 26 said that the present serious foreign exchange crisis is ascribable to the wrong economic policy of the Kim Young Sam regime.

It noted that South Korea’s foreign debts, which had amounted to 42.8 billion dollars at the time of the inauguration of the present regime, ran into more than a hundred billion dollars at the end of last year, thus causing the danger of “state dishonoring.”
It further said:
Economic confusion has been worsened as a whole and the current payment deficit has steadily increased since the Kim Young Sam regime brought forward the “100-day plan for new economy” in 1993.
As a result, foreign debts have snowballed.
In the final analysis, the wrong economic policy adopted in the early days of the regime is the root cause of the present foreign debts and exchange crisis.

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