According to the agreement reached between the International Monetary Fund and the South Korean government in 1997, in return for funding, the South Koreans were required to
A) adopt communist ideologies.
B) reduce their imports by enforcing restrictive import licensing.
C) open their economy to greater foreign competition.
D) oppose the ideologies of the World Trade Organization.
E) engage in competitive currency devaluation.

Question

Quizplus · Accepted Answer

The agreement required South Korea to implement economic reforms, including opening its economy to greater foreign competition, as part of the conditions for receiving financial assistance from the IMF.

According to the Agreement Reached Between the International Monetary Fund