FROM THE OFFICE OF PUBLIC AFFAIRS

Finance Minister Lee and I had a good meeting today. We discussed the substantial progress South Korea has made over the past three months in stabilizing its financial situation. I praised the efforts that President Kim Dae Jung and his government are making to bring about decisive change in Korea's economy. We spoke about the recent success of the government's effort to restructure a vast majority of the banking sector's short-term international debt, the growth of external reserves, and the nation's upcoming bond issue. All of these are important steps in the process of normalizing Korea's access to the international capital markets.

Minister Lee and I agreed that while many challenges have been successfully met, difficult structural reforms lie ahead. We also agreed on the importance of ensuring that Korea sustains strong macroeconomic policies. This will provide the fastest and surest route to recovery and improvements in living standards for the Korean people.