PM calls for int'l cooperation to overcome financial crisis

SEOUL, Oct. 10 (Yonhap) -- South Korea must seek closer international cooperation to overcome the current financial crisis rocking its economy, Prime Minister Han Seung-soo said Friday.

The premier said in a meeting of top economic policymakers that foreign media
have not accurately reflected the country's economic circumstances, resulting in
unfavorable coverage.
In order to correct such views, South Korea must inform the world that its
economic fundamentals are sound, he said.
Han urged Finance Minister Kang Man-soo and Bank of Korea (BOK) Governor Lee
Seong-tae to emphasize this during their attendance at the annual World Bank
Group and International Monetary Fund meeting planned for next week in
Washington.
The official added that once the present financial crisis is stabilized, a new
international order may be established to enhance overall health and governance.
"There is a need to gauge what the new financial order will look like, so South
Korea can be in a good position to meet the changing requirements," he said.
The prime minister also said that the liquidity crunch that started in the United
States has spread to Europe and Asia and has become a crisis of confidence in the
financial sector as a whole.
"Since it is a matter of confidence, the government and financial sector need to
take positive steps to regain trust," he said.
The early morning meeting held at the prime minister's residence was attended by
the finance minister, the BOK governor, the knowledge economy minister, a top
economic adviser to the president and vice chairman of the Financial Services
Commission.