IMF and other global banks are ready to work with North Korea, if it works with them
The International Monetary Fund would ‘seek to be helpful’, though it doesn’t appear the North has approached it
As North Korea’s leader Kim Jong-un develops relationships with other nations through summit diplomacy, global financial institutions have shown a willingness to help him grow North Korea’s economy.
The International Monetary Fund, with a lending capacity of nearly US$700 billion for its current 189 member countries, would “seek to be helpful” should North Korea want to join the institution, an IMF official told the South China Morning Post this week.
“We hope that the ongoing diplomacy related to North Korea paves the way to resolving geopolitical tensions in a peaceful and permanent manner,” the official, who spoke on condition of anonymity, said.
“We will monitor developments closely and, as always, the IMF will seek to be helpful as appropriate.”
The World Bank, Asia Development Bank and European Bank for Reconstruction and Development could also provide loans and assistance to Pyongyang.