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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 1983
Language English
File Type Link
Subject Social Development < Health

Abstract

The Second Structural Adjustment Project will be the second to support implementation of the government's comprehensive structural adjustment program which aims at keeping the balance of payments manageable while sustaining the growth momentum of the economy. To achieve these objectives, a comprehensive program of structural reforms is being carried out by the government in the areas of industry, energy, and public sector efficiency. In industry, the program includes import liberalization, tariff and tax incentive reforms, further liberalization of foreign investment, and restructuring of the fertilizer industry. In energy, the program includes measures to improve pricing and investment planning in the electric power sector, pricing, taxation, and regulatory reform of the petroleum and coal sectors, the introduction of LNG, and measures to foster industrial and building energy conservation. In the public sector, measures are being taken to improve resource mobilization, reduce budgetary deficits and increase efficiency of the public sector through improved screening of expenditures and reform of public enterprise management. The foreign exchange provided by the loan would be used to finance essential imports.