The South Korean government has urged the North to repay outstanding

loans totalling US$86.03 million, including interest.

A spokesperson for the Ministry of Unification, Kim Eui Do told

reporters on the 21st, “Should the North fail to make the first repayment

[$8.6 million] on the 24th toward the cost of the raw materials borrowed,

we will request that they pay it as of the 25th.”

South Korea provided the loan worth $80

million in 2007. It was comprised of raw materials for items like footwear and soap.

The North repaid 3% of the principal [$2.4 million] in 2008

but no additional payments followed thereafter. It

was agreed at the time that the North would grant South Korea development rights

and access to untapped natural resources in accordance with plans for inter-Korean

development cooperation, but no meaningful progress was made.

“Various measures will be considered if the deadline is not

met,” Kim stated, without elaborating on what these might be.

Former South Korean

presidents Kim Dae Jung and Roh Moo Hyun provided the North with more than $720

million in food loans between 2000 and 2007 to be paid back at 1% per annum, but repeated requests for payment have been ignored.