Korean Way ?

In late 1997, South Korea was hit by a severe financial crisis, which led to a sharp devaluation of its currency, the won, and a shortage of foreign exchange reserves. To address this crisis, the South Korean government sought assistance from the International Monetary Fund (IMF), which agreed to provide a $57 billion bailout package in exchange for economic reforms and structural adjustments. As part of the IMF bailout agreement, South Korea was required to repay its foreign exchange debt, which at the time was about $304 billion. To raise funds for this repayment, the South Korean government launched a national sacrificial movement in early 1998 to collect gold from citizens and companies. Under the campaign, individuals and companies were encouraged to donate their gold items, such as jewellery and coins, to the government in exchange for certificates of appreciation. The government promised to use the collected gold to repay the foreign exchange debt owed to th...