Global News Journal

Beyond the World news headlines

from MacroScope:

North Korea: New Europe?

Finance ministers and other executives busy discussing the future of Eastern European transition economies at a European Bank for Reconstruction and Development meeting were reminded of a country far from Europe which needs aid to transform its economy.

South Korea thinks its Stalinist neighbour should receive aid from the London-based lender, set up in 1991 to help former communist countries make the transition to market economies.

"I strongly recommend North Korea as a next candidate to become a recipient country, once it decides to transform itself into a market economy," Young Geol Lee, vice minister of strategy and finance, said in a speech. "Please bear in mind that North Korea has great potentials as a future client of the EBRD."

The EBRD is owned by 61 countries as well as the European Union.

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