In the News – Export-Import Bank Urges N.Korea to Repay Debt
The Export-Import Bank of Korea has once again urged North Korea to repay overdue loans.
“It is regrettable that no steps are being taken despite the fact that the principal on food loans continues to be in arrears,” the bank said on Monday. “We urged the speedy repayment of the overdue loans.”
South Korea loaned US$720 million to North Korea in the form of 2.4 million tons of rice and 200,000 tons of corn as part of food aid starting in 2000. June 7 was the repayment deadline for $5.83 million since the North agreed to start paying back the principal in 2012.
The bank notified North Korea of the repayment date in early May, one month before the deadline, but there was no response.