IMF Invites North Korea

International Monetary Fund (IMF) plans to invite North Korea in next year`s International Bank for Reconstruction and Development (IBRD) annual meeting. Due to the North`s reforms such as the establishment of Shinuiju Special Economic Zone, the IMF is positively considering the North Korea membership.

On September 28th(U.S. time), the chairman of the IMF, Horst Khler has announced in the meeting with the South Korean Deputy Prime Minister and Minister of Finance and Economy, Jun Yun-chul, "We`ll invite the North Korea as a special guest in the 58th Annual Meeting of IMF-IBRD in Dubai in next September or October". Deputy Prime Minister Jun is currently in U.S. for the 57th IMF-IBRD annual meeting.

"Considering the reform movement in the North Korea, attendance in the next IMF annual meeting is a high possibility", explained Kim Yong-duk, International Affair Policy Officer in Ministry of Finance and Economy Ministry.

Regarding the North Korea`s membership in International Finance Organizations such as the IMF, Khler says, "North Korea has to declare their membership first but if the North wishes, we`re ready to provide technical assistance."

The Ministry explains that the technical assistance includes: △Education of North Korean officials in market economy △Visit by the IMF officials to North Korea △Fixed amount of financial aid to North Korea and etc.

During the 55th Annual Meeting in Prague, Czech in 2000, the IMF has offered invitation to North Korea but North didn`t attend.

Kwang-Hyun Kim Ki-Heung Han kkh@donga.com eligius@donga.com