S. Korea to become 21st member of Paris Club

[THE INVESTOR] South Korea will become a member of the Paris Club, a group of creditor countries, the Finance Ministry said on June 29.

Asia’s fourth largest economy will join the club as the 21st member this week at the club’s meeting to celebrate its 60th anniversary on July 1 in Paris, according to the ministry.

South Korea’s Vice Finance Minister Choi Sang-mok will attend the ceremony, it added.

The Paris Club is an association of creditor countries with the major aim of finding sustainable solutions to payment difficulties faced by debtor countries.

The ministry said South Korea will join, among others, the United States, Japan and Germany, as it is regarded as a creditor country on the world stage.

The Seoul government expressed its will to join the organization in a summit meeting between South Korean President Park Geun-hye and her counterpart Francois Hollande in Paris on June 3.

(theinvestor@heraldcorp.com)