North Korea: New Europe?

May 16, 2009

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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The same North Korea that has increased spending on military and military research while their people were starving and resorting to eating grass?

Transition to a market economy?

So…the needed money could, um…buy the materials to make more rifles, which could be paid for through the patriotic participation of peasants donating a kidney to raise the funds?

There’s progress for you…

Posted by Brian Foulkrod | Report as abusive

Sometimes it’s difficult to see how South Korea is helping itself. Their sunshine diplomacy has been a dismal failure over the years, the revenue that has been sent to DRK has kept the glorius in power all this time. It looks like they are jockeying to get him yet another bonus for doing what? He hasn’t lived up to any of his promises yet!

Posted by Curtis Gwin Jr | Report as abusive

I’am afraid that the EBRD has got an empty piggy bank, the money disappeared into the bottomless money pit named Eastern Europe.

Posted by Nikkei 225 | Report as abusive

North Korea is destabilizing the region and extorting the world, it should not be rewarded! We would send the wrong message and totally lose credibility if we were to finance this regime.

Posted by DJI | Report as abusive

Calling North Korea’s Bluff Will Force China to Crackdown…

by Collin Spears – Visiting Fellow, Center for New Politics and Policy
If the United States and its allies want to denuclearize the Korean peninsula, and not just temporarily allay tensions, they must call Kim Jong-Il’s bluff by escalating the …

Posted by BROOKS FOREIGN POLICY REVIEW | Report as abusive