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Korea - Second Structural Adjustment Loan Project (English)

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  • Korea - Second Structural Adjustment Loan Project (English)
  • World Bank (WB)


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Title Korea - Second Structural Adjustment Loan Project (English)
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Material Type Reports
Publisher

World Bank (WB)

Date 2000
Language English
File Type Link
Subject Economy < Macroeconomics

Abstract

The project outcome is satisfactory, and sustainability is likely. The lessons suggest that the strong ability developed by the Government of Korea, to design, and implement reforms, as well as the substantial analytical, and advisory input from the Bank on policy issues, helped in developing the conviction of ownership, essential for a sustainable reform program. The recognition that recovery from the financial crisis had to be private-sector led, enhanced the chances for reform, and helped involve different think tanks in the country. While the reform program covered a broad spectrum of reforms, individual reform components were subjected to the discipline of a well-integrated, and coherent overall reform framework, that took account of linkages, and priorities, and ensured consistency. The approach Korea pursued to differentiate itself positively, in the midst of the financial crisis, demonstrated its seriousness about fundamental structural reforms, and in so doing, was well respected by the international financial community, and could easily finance comprehensive safety nets, due to its prudent macroeconomic management. Technical assistance can be critical to implementing components of the reform program, and helps broaden the base of the dialogue, to include the technocrats implementing the program.