Lee says South Korea has repaid the last foreign-exchange crisis debt after 30 years

South Korea is set to repay the final government burden from public funds deployed during the 1997 foreign-exchange crisis, nearly 30 years after the country faced the threat of national bankruptcy.

President Lee Jae-myung marked the decision by sharing an article on X on the 3rd under the headline, “After 30 years, we repay the last debt of the foreign-exchange crisis.” He said repayment of the public funds created to prevent a national default would conclude through next year’s budget.

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After 30 years, we repay the last debt of the foreign-exchange crisis.

“Just as the people overcame the country’s most difficult moment nearly 30 years ago through their own strength, we are able to bring this to an end thanks to everyone who worked steadily for 30 years,” Lee wrote. “I will not forget that time. People of Korea, you have truly worked hard.”

Under the 2027 budget proposal announced by the Ministry of Planning and Budget on the 1st, the government will repay all remaining debt in the Public Funds Repayment Fund. The plan allocates 3.5 trillion won from the financial sector and 4.5 trillion won from the government budget. The government established the public funds repayment system in 2002.

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Just as the people overcame the country’s most difficult moment nearly 30 years ago through their own strength, we are able to bring this to an end thanks to everyone who worked steadily for 30 years. I will not forget that time. People of Korea, you have truly worked hard.