English

IMF’s mandate brings appalling disasters to S. Korea

Pyongyang, November 28 (KCNA) — The propaganda department of the central committee of the National Democratic Front of South Korea (NDFSK) issued an indictment on November 24, 2 years after the South Korean economy was placed under the mandate of the IMF, according to a Seoul-based radio Voice of National Salvation.


The indictment cites facts to prove that the South Korean economy is on the verge of total bankruptcy and the people are in the worst destitution due to the unbridled economic aggression by the U.S.-manipulated IMF and the despicable sycophantic and traitorous acts of the self-proclaimed “people’s government.”

It continued:

The U.S. forced South Korea to carry out, among other things, financial restructuring through the IMF.

Acting upon this restructuring plan, the Kim Dae Jung group ordered the financial institutions including those banks which fell short of the eight percent of their optimum capital possessing rate fixed by the international settlement bank to suspend business or sold them to foreign capital, placing its banking market at the mercy of foreign financial speculators.

At least 270 financial institutions have proved insolvent and their banking business has been paralyzed under the IMF’s mandate.

South Korean foreign debt amounts to 170 billion dollars and it totals over 220 billion dollars when the money its enterprises overseas borrowed from foreign countries is added to this, even according to an official announcement of the South Korean authorities.

As many as 53,000 enterprises have gone bankrupt over the past 2 years owing to the IMF-imposed “restructuring.”

IMF-imposed lay-off and “restructuring” left the more than 8 million people, or two-thirds of the South Korean workers, jobless as of the end of April.

The number of the absolute poor reached more than 13 million, or 3 times that in 1997, and two-thirds of middle classes in the past joined the poor.

The people’s income dropped, whereas the commodity prices shot up 11.1 percent over last year. Per capita tax this year reached 1.878 million won and it is expected to swell to 2 million won next year and 2.53 million won in 2002.

Charges for medical examination and hospitalization soared up to an average of 9 percent with the result that sick people are denied medical treatment.

An increasing number of school youth and children have to stay out of school temporarily or leave it, unable to pay school fees due to abject poverty caused by the IMF’s mandate. Many poor families broke down due to this mandate.

This is also producing unheard of social evils. Last year witnessed a total of 1.59 million cases of crimes or daily average of 4,356.

The ever more undisguised high-handed practices of the U.S. and the IMF and the flunkeyist and traitorous acts of the Kim Dae Jung “government” have turned South Korea into a veritable living hell.

The only way of saving the economy from its total collapse and the people from dire poverty is to discard dependence upon outside forces, topple the existing “government,” regain independence and build a self-supporting economy, the indictment stressed.

Image credit: https://www.flickr.com/photos/lynxsquared/3218217349/

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