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Foreign Loan Guarantee Bill Set for Passage

Posted October. 29, 2008 08:19,   


A parliamentary committee yesterday passed a bill on a government guarantee for foreign currency debts of Korean banks.

The National Assembly`s Strategy and Finance Committee passed the bill proposed by the government without revision in a general meeting.

Parliament is expected to pass the bill in a general assembly today.

Under the bill, the government will guarantee the overseas debt of 18 commercial banks taken out before June next year up to 100 billion dollars for three years.

The committee attached six articles to the bill, urging immediate implementation by the government and banks.

The main opposition Democratic Party said it agreed to pass the bill for national interests.