Korea's request for IMF bailout (December 3, 1997 to August 23, 2001) is a case in which Korea, which is on the verge of bankruptcy, signed a memorandum of understanding to receive funding from the IMF.
It took place on December 3, 1997. A series of corporate bankruptcies caused foreign exchange reserves to plunge and asked the IMF for $2 billion in emergency loans. Amid the foreign exchange crisis, South Korea's foreign exchange reserves plunged to $3.9 billion at one point.
Thus, after receiving a $19.5 billion bailout from the IMF, the Korean economy has since embraced the economic system demanded by the IMF and began massive national economic restructuring in response to the demand.
On August 23, 2001, he repaid $19.5 billion in IMF bailout funds early and graduated from the IMF management system.