The day has arrived for North Korea to make good on a food loan South Korea provided in 2000, but there are no signs the North plans to pay up.
The Unification Ministry says the Export-Import Bank of Korea signed the loan agreement with North Korea’s Chosun Trade Bank in 2000 for six-point-nine billion won worth of rice and corn. That’s roughly five-point-eight million dollars.
The ministry said Chosun Trade Bank was notified on May fourth that June seventh was the repayment date for the food loan, but North Korea has yet to respond regarding the payment deadline.
The government plans to issue further measures in the event the North fails to respond by midnight Thursday.
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