South Korea and the International Monetary Fund reached a preliminary agreement Monday on terms of a multibillion-dollar bailout package for the nation’s foundering economy.
Finance Minister Lim Chang-yuel indicated the deal would now go to South Korea’s president and IMF head Michel Camdessus for final approval.
South Korean media, quoting unnamed government sources, said the bailout fund would be between $50 billion and $60 billion.
South Korea turned to the IMF on Nov. 21 for rescue for its troubled economy, the world’s 11th-largest. It said last week that the amount needed could rise from the original target of $20 billion to $50 billion.