Kim Yong-sam went even further, announcing the progress of their negotiations with the International Monetary Fund directly to the mass media, during which he issued a statement:
"Our goals align with those of the International Monetary Fund. We all hope that H country's economy can return to its peak and that H country's economy can rebound strongly with the injection of international aid funds."
"Fellow citizens! Our country's economy is not beyond saving. The reason why the composite index has fallen sharply and the Korean won exchange rate has fallen below 1,000 is because international speculators have aggressively attacked our currency."
"We, like the International Monetary Fund, abhor these unscrupulous behaviors in pursuit of capital."
"Going forward, H country's financial institutions will continue to complete their structural adjustments and asset restructuring in accordance with the original plan, under the supervision and management of the Financial Supervisory Committee."
"Country H should take this failed market intervention as a lesson and strive to adjust its financial structure."
"At the same time, we need to establish an efficient, sound, and transparent financial system in the short term, ensuring that while the operation and management of our financial institutions are highly liberalized, all operational methods are within the scope of government management and supervision."
"...We will continue to uphold the decision to strengthen the independence of the central bank and insist on establishing an independent third-party financial supervisory body. In other words, the state will fully support the regulatory work of the Financial Supervisory Commission (FSC)."
After spouting a lot of official jargon, Kim Yong-sam finally revealed his true colors.
"Well, this international financing attack on H country's currency market has dealt a heavy blow to our financial system."
"In order to reverse the decline in the Korean won exchange rate, we have reached a basic consensus with the International Monetary Fund, which is to relax restrictions on foreign ownership of securities in H country."
"At the same time, policy interest rates were raised, and the money supply was increased in the context of a sharp expansion of the current account deficit."
Increasing the domestic money supply means devaluing oneself.
......
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