On behalf of the Korean authorities, we would like to thank Mr. Andreas Bauer and his team for the candid and constructive discussion and policy dialogue during the 2021 Article IV consultations under particularly challenging circumstances. The authorities value staff’s continuous engagement and broadly agree with staff’s assessment on the economic outlook and policy recommendations. Despite the contraction brought on by the pandemic last year, the Korean economy has remained resilient through strong economic fundamentals and appropriate policy responses.
Korea’s comprehensive response to COVID-19 from the outbreak in January to the end of September in 2020 is well described in an e-book, “
The authorities have purchased 106 million doses of vaccines (for 56 million people) with four pharmaceutical companies and are discussing the purchase of 20 million additional doses.
BOK’s Corporate Bond-Backed Lending Facility expired on February 3, 2021 as Korea’s financial markets have stabilized and liquidity conditions have been favorable.
The publication of net purchase of US dollar for FX market stabilization started on a semi-annual basis in March 2019.
The financial support facilities include Emergency Lending Program for Small Merchants, Working Capital Support Program, Stock Market Stabilization Fund, Bond Market Stabilization Fund, Key Industry Stabilization Fund, and Special Purpose Vehicle to support Corporate Bond and CP Markets.