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- IMF 정책협의 결과 발표문(원문)
- Press Statement at Conclusion of IMF Article IV Consultation Misson
Ajai Chopra
Asia and Pacific Department, IMF
November 14, 2000
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An IMF mission concluded its discussions with the Korean government on November 14. The mission met with officials in various government ministries, the Bank of Korea, and the Financial Supervisory Commission and the Financial Supervisory Service, as well as with research institutes, academics, financial institutions, labor unions, and market participants. The mission them will prepare a report for discussion by the IMF"s Executive Board in late January 2001.
The three-year stand-by arrangement with the IMF expires on December 3, 2000. Looking back, a tremendous amount has been achieved over these three years. First, macroeconomic fundamentals have improved sharply-growth has been strong, inflation is low, and foreign reserves are at record levels. And second, a wide range of structural reforms have inreased the market orientation of the economy; these reofrms will yield benefits for years to come. The institutional framework for restructuring the corporate and financial sectors is largely in place and major strides have been made in addressing the deep-seated problems of the corporate and financial sectors.
Despite these accomplishments, market sentiment about Korea has deteriorated in recent months. The decline in confidence is largely related to market perceptions that corporate and financial sector restructuring has been slow. A large portion of the corporate sector is still saddled with weak cash flow and poor profitability. Indeed, the divergence between strong macroeconomic performance on the one hand, and weak sentiment and poor microeconomic performance in many sectors on the orther, is striking. Moreover, the uncertain domestic outlook for restructuring has been exacerbated by the simultaneous weakening in the external outlook.
Recognazing that slow progress on the struntural side will increasingly exert a drag on the economy, the government recently announced a Second Round Restructuring Plan that has provided new impetus to reform efforts-witnessed, for example, by pushing weak banks to restracture and recapitalize; the deision to request more public funds for restructuring; banks" tougher attitude toward companies such as Wooband Construction, Dong-Ah Construction, and Daewoo Motors; and the decisions on the 52 nonviable companies, These are very positive steps, but many challenges still remain. It is these challenges that have been the focus of the mission"s discussions.
The need for further concrete restructing progress and tangible results-principally the exit of nonviable firms and esser sales-has now become imprerative to ensure that the remaining problems do not jeopardize what has already been achieved and adversely affect Korea"s long-tern capacity to grow. Although the economic situation has weakend over the past few months and created new problems for policy makers, it also provides new opportunities. Tangible progress with restructuring, especially in some of the high profile cases, could set in motion a virtuous circle of improved confidence, higher economic growth, and support for further restructuring. Indeed, the closure of nonviable companies may be a prerequisite for the growth of other companies, as these "zombie" compaines are eroding the profit margins and crowding out credit to viable companies.
Near-tern outlook : Growth in 2000 is forecast to be 9½percent, with a current account surplus of about $10 billion (2 percent of GDP). There are considerable uncertainties about the projections for 2001 related to the domestic environment and restructuring efforts, and the weakening of the external environment. In the short run, a pick up in the pace and depth of restructuring will result in higher unemployment that could dampen confidence; the risks associated with inaction, however, are likely to be greater. In the mission"s baseline scenario, growth is projected to slow to 5½percent in 2001, but there are downside risks to this forecast. The current account surplus is expected to narrow to about 1¼percent of GDP in 2001.
Corporate restructuring : Korea"s record on corporate restructuring includes a number of significant accomplishments. Nevertheless, much of the corporate sector remains highly leveraged by international standards and continues to suffer from low profitability indicating that more needs to be dons. First, the focus of attention should now shift towards greater reliance on count-supervised nsolvency. In pending cases, including new court-supervised cases among the recent list of 52 companies, reorganizations and liquidations should be implemented as quickly as possible. Further insolvency reform will therfore be key. The government"s proposal on "pre-packaged" reorganizations is an essential step, and should be complemented by efforts to remove other impediments to more efficient and rapid resolutions. Second, there has been little concrete progress with the twelve Daewoo affiliates in workout programs. Creditors need to resolve the fate of these Daewoo affiliates quickly before more value is destroyed. Non-viale affiliates or affiliated "bad companies" should immediately be put into receivership or bankruptcy. Potentially viable portions of Daewoo Motors and certain other affiliates, should be sold as soon as possible. And third, the governments" October 2000 Corporate Governance Improvement Plan-which covers issues such as improving the cumulative voting system, a further strengthening of minority sharebolder rights, qualifications of outside directors, and transactions with related parties-is welcome. The Plan should be implemented without delay as improved corporate governance is essential to shift corporate behavior away from debt-financed expansion toward an emphasis on corporate profitability and financial resilience.
Financial sector restructuring : Major steps have been taken to strengthen the financial system, but more needs to be done before soundness is restored. The problems that remain in the financial sector are now largely the result of contnuing weaknesses in the corporate sector. Banks will therfore need to take an aggressive attitude in dealing with potential losses from financially weak firms, and their recent actions in this area are encouraging. Furthermore, a market driven corporate restructuring process will only be truly feasible if it is led by sound and privately owned banks-the privatization process cannot be done rapidly but it is important that a start be made as soon as the market allows. Turning to specific issues, first, an immediate priority is to complete and implement the rehabilitation of the six banks that have recently submitted restructuring plans. Second, it may be prudent to increase the currently planned W 40 trilion of public funds to allow for contingencies, but to be provided only to promote further restructuring. The replenishment should be accompanied by a agreater degree of transparency in the use of public funds. And third, the authorities need to be vigilant about the credibility of the supervisory framework; it will be critical to resist pressures for forbearance and ensure operational autonomy of the financial supervisory authorities.
Capital market development : On the issue of a possible "credit crunch," it is appropriate that banks and capital markets(especially the ond market) are being more selective in the companies to which they provide financing, and are not providing new financing to companies that are not creditworthy. Although it is possible that banks and investors could become too risk averse, in the mission"s view this has not occurred in any substantial way-if it has, it is likely to be temporary and should be selfcorrecting. The Korean financial system requires an efficient and deep capital market. Toward this end, the government"s policy should be guided by the principle that its interventions in capital markets should be minimal and that any measures should be consistent with encouraging development of markets so that they will be able to grow and function effectively without government participation.
Macroeconomic policies : Building on the strong performance in 2000, fiscal policy in 2001 should be broadly neutral on a cyclically adjusted basis. The 2001 budget implies a consolidated central government deficit of 0.2 percent of GDP, which is consistent with the mission"s view on the appropriate fiscal stance. However, if adverse shocks lead to a sharper than expected economic slowdown, there is scope to loosen fiscal policy to mitigate the negative impact. Turning to monetary policy, inflation has picked up mainly because of supply shocks, most nocably the run-up in oil prices, rather than demand side pressures. With growth moderating, demand side pressures are not expected to reemerge over the next year. Under these circumstances, monetary policy should be neutral, but vigilant. More specifically, although the first round effects of the oil price shock could be accommodated, monetary policy should stand ready to choke off any second round impact on inflation. Good progress has been made in operating the inflation targeting framework, but additional steps are needed to improve the accountabllity and transparency of monetary policy and the inflation targeting framework. Continuing foreign exchange market liberalization, along the lines of the Second Stage of Foreign Echange Liberalization, is welcome as it will facilitate external transactions of Korean businesses and individuals and contribute to the development of efficient and liquid financial markets.
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Korea"s achivements over the last three years have been impressive, and the bold policies implemented by the government have transformed the landscape for economic decision making. The autorities recognize that the reform and restructuring process must be continued to ensure that the gains endure and to improve the efficiency of the economy. This is expecially important because of the new demands and pressures that will arise with closer economic cooperation with North Korea. The basic framework for restructuring is in place, and, looking ahead, the key issue remains implementation and ensuring a stronger role for markets to drive the process. In particular, strong banks need to take the lead in forcing operational restructuring. This restructuring will be an ongoing, multiyear process-along the way, however, tangible progress is of paramount importance.
- 인터넷TV업체 연합, 한국스트리밍센터 출범
- 인터넷방송업체 채티비, 나인포유, C3TV디지털미디어와 하드웨어 및 각종 솔루션 제공업체, 기간 인프라 사업자 등이 동영상 스트리밍 서비스를 위해 연합한 "한국스트리밍센터"가 31일 공식 출범했다.
이들 업체는 3개사가 공동 사업 형태로 출발, 현재 동영상 스트리밍 및 관련 분야의 핵심 사업자들을 패밀리 파트너로 유치해 완벽한 스트리밍(Perfect Stream)이라는 모토에 걸맞는 서비스 구현을 추구하는 것을 목표로 한다고 밝혔다.
이날 출범식을 가진 연합체에는 3개 인터넷방송국 이외에 하드웨어를 전담할 컴팩과 마이크로컴, 인프라 서비스를 담당할 한국통신 KT-IDC, 네트워크 솔루션 및 기술지원 콤텍시스템, 소프트웨어 마이크로소프트, 멀티캐스팅 솔루션의 이지씨앤씨, 보안 및 백업애 KT-IS 등이 참여했으며 해외업체로 협력이 진행 중인 곳은 싱가포르의 IDA 및 대만의 종합 위성 인터넷 방송사인 웹스TV 등이다.
한국스트리밍센터의 참여사 중 하나인 채티비의 나원주 사장은 "스트리밍 인프라 사업은 결코 자본력으로 해결할 수 없다"면서 "스트리밍에 대한 애정과 노하우, 시장의 미래를 예측하는 비전이 없다면 결코 성공할 수 없는 분야이기 때문"이라고 연합한 이유를 설명했다.
한국스트리밍센터는 한국통신 목동IDC 내 1GB의 회선망을 확보하고, 익스트림 L4스위치(48Port) 2대로 Network Backup System을 구성했다. 또한 고객 서버를 스위치 장비에 직접 연결함으로써 Full Bandwidth를 확보했으며, 코넷백본(2.5GB), KIX(4.5G), 해외망(1GB) 등의 완벽한 네트워크를 갖추었다.
이러한 스트리밍 네트워크를 기반으로 한국스트리밍센터는 서버호스팅 및 코로케이션 서비스(10-100M회선), 전문가 그룹의 인터넷 방송 구축 컨설팅, 서버 보안 및 데이터 백업 서비스, 멀티캐스팅 생중계, 교육 세미나 등의 서비스를 구현하게 된다.
한편 한국스트리밍센터는 입주업체를 대상으로 격주 1회 웹캐스팅 세미나, 월1회 패밀리 간담회를 개최할 계획이다.
또 종량제 요금 체계로 운영되며, 운영 체제 및 스트리밍 서버 등은 무료로 설치해줄 계획이다.
한국스트리밍센터는 오늘 드림팀 출범식에 이어 대대적인 패밀리 파트너 모집과 함께 본격적인 영업을 개시한다. 벤처기업 간 제휴의 바람직한 방향을 제시하게 될 이번 드림팀 출범식이 그 동안 형식적으로 이루어져왔던 기업간 제휴에 새로운 바람을 일으킬 것으로 기대를 모으고 있다.
- 엠플러스텍, PDA용 착탈식 무선 CDMA모듈 개발
- 유무선 인터넷 종합 솔루션 업체 엠플러스텍(www.mplustech.com 옛 가산전자)이 세계 최초로 PDA용 착탈식 무선 CDMA 모듈인 "ZeSS Phone"을 개발, 이를 11월에 출시한다.
"ZeSS Phone"은 이미 출시됐던 엠플러스텍의 "ZeSS PLUS(PDA)"에 착탈식으로 부착해 사용하게 되며, 크기가 작아 휴대가 편리한 것은 물론 기존에 핸드폰과 PDA를 별도의 케이블로 연결해 사용하던 불편함을 해소했다.
배터리는 리튬이온 배터리를 사용하여 6시간 동안 연속통화가 가능하며, "ZeSS PLUS" 구입시 제공되는 충전기를 이용하여 손쉽게 충전할 수 있다.
통화요금 체제는 기존의 핸드폰 통화요금 방식과 동일하며, 사용법 역시 초기화면에서 음성통화(가칭)를 선택, 다이얼이 화면에 뜨면 통화하고자 하는 사람의 번호를 눌러 통화하는 식의 기존의 휴대폰과 동일한 방식이다.
현재 "ZeSS Phone"은 LG Telecom(019) 네트위크만을 이용하고 있으나, 향후에는 보다 많은 통신망을 이용할 수 있도록 서비스를 확대할 예정이며 IS-95C/GSM/IMT-2000까지 함께 지원할 예정이다.
엠플러스텍의 무선인터넷 사업부 영업 본부장인 유석전 부장은 "ZeSS Phone은 핸드폰과의 연결 없이도 자유롭게 데이터 통신, 음성통화, 팩스 문서 송신 등이 가능하기 때문에 보험사, 증권사, 물류, 영업, A/S 사원들에게 유용하게 쓰일 것으로 예상한다"면서 "현재 이 제품으로 내년 상반기까지 약 100억원의 매출을 기대한다"고 밝혔다.
- LG텔레콤, 대전 신교환국사 준공-IMT2000 기반확충
- LG텔레콤은 IS-95C 상용서비스와 IMT-2000 서비스를 위한 인프라 확충을 위해 대전 新교환국사를 준공했다고 26일 밝혔다. 이에따라 LG텔레콤은 서울,인천,수원,광주,부산,대구,원주 및 대전에 신교환국사를 확보하게 됨에 따라 전국 9개지역의 완벽한 단일 통신망으로 10월말부터 상용서비스에 들어가는 IS-95C 상용서비스와 IMT-2000 서비스를 위한 인프라 확충에 대비할 수 있게 됐다고 설명했다.
총가입자 40만명인 대전과 충청도 지역에 양질의 통신서비스를 제공하기 위해 준공된 대전교환국사는 가입자 60만명 수용용량을 지닌 2개의 교환시스템이 구축되어 있으며, 대전과 충청도에 설치된 324개 기지국, 770개 광중계국, 4,535개 초소형중계기(엘피코) 등을 연결, 관리하게 된다.
LG텔레콤은 대전교환국사 준공과 더불어 올 연말까지 대전과 충청지역에 기지국 24개와 광중계국 31개, 소형중계기 42개 및 초소형중계기 384개를 추가 증설, 영역 확대와 통화량분산을 도모해 나간다는 계획이다.
