Pyongyang, November 10 (KCNA) — The South Korean authorities claim that the “relief fund” given by the International Monetary Fund is helpful to “stability” of the economy and “settlement” of the crisis. Rodong Sinmun in a signed article dismisses this as a deceptive artifice to cover up the criminal nature of their sycophantic treacherous economic policy dependent on outside forces, the policy that put the South Korean economy on the verge of bankruptcy.
Under the “agreement on relief fund” between the IMF and South Korea economic share went into the hands of the IMF as it is allowed to interfere in and control the economy as a whole including South Korea’s production, prices, current payment, financial scale, interest rate, industrial policy, financial restructuring, opening of financial market and introduction of “lay-off system,” the article notes, and goes on:
The mandate of the IMF is, in essence, intended to intensify the U.S.’s colonial domination over South Korea and economic plunder of it.
Pointing out that the South Korean economy has gone bankrupt under the mandate of the IMF, the article says:
Under the mandate of the IMF the “government”-controlled economic system is on the verge of collapse and the artery of the South Korean economy barely supported by comprador capitalists and businessmen with the “special favour” from the “government” is feared to be cut.
And exchange rate and interest rate are on a steady rise while the currency value and the rate of real estate keep falling .
Business groups are going bankrupt en masse, hard hit by the market economy. Not a few enterprises belonging to 30 business groups proved to be insolvent and the debts of the Hyun Dai, Dae Woo, Sam Sung, L.G. and S.K. business groups increased 302 percent as of the end of June last. The Dae Woo group sold off most of its 41 affiliated businesses to foreign capital to tide over the financial difficulties.
The Korea First Bank and the Seoul Bank which used to issue more than half of the “government” loan were sold off owing to the “restructuring” of the IMF. Many other banks, Pohang Iron Works and other enterprises have gone into the hands of foreign monopoly capitalists.
The IMF’s “relief fund” is nothing but capital and a bait to drain the South Korean economy of its last penny. That is just like poison to destroy the South Korean economy.
The only way out for the South Korean economy to survive is to stop depending on outside forces and achieve economic independence.
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