INTRODUCTION AND MANAGEMENT OF PUBLIC LOANS ACT

Article 1(Purpose) #

The purpose of this Act is to contribute to the sound development of the national economy by prescribing necessary matters for the efficient introduction and management of public loans.

[This Article Wholly Amended on Apr. 8, 2011]

Article 2(Definitions) #

The terms used in this Act shall be defined as follows: <Amended on Mar. 31, 2020; Jun. 9, 2020>

1. The term "foreign government" means any foreign government or international economic cooperation organization prescribed by Presidential Decree;

2. The term "foreign juristic person" means any juristic person established under laws and regulations of any foreign country;

3. The term "Korean juristic person" means any juristic person (including a local government) established under the Acts of the Republic of Korea;

4. The term "capital goods" means any machinery, equipment, facilities, appliances, parts and accessories which correspond to industrial establishments (including ships, vehicles, aircraft, etc.), livestock, seeds, trees, fish and shellfish necessary for the development of agriculture, forestry and fishery, and other raw materials and spares the competent Minister (referring to the head of a central administrative agency who takes charge of the relevant business; hereinafter the same shall apply) deems necessary for the pilot operation (including any business for a test) of the said establishments and freight and insurance premiums resulting from the introduction thereof, and technology or services necessary for constructing facilities or giving advice;

5. The term "raw materials" means any raw materials or other materials necessary for key industries or agriculture, forestry and fishery, and freight and insurance premiums resulting from the introduction thereof;

6. The term "public loans" means any means of foreign payment which the Government of the Republic of Korea borrows from a foreign government and or foreign juristic person, or which a Korean juristic person as prescribed by Presidential Decree borrows from a foreign government under payment guarantee of the Government of the Republic of Korea, and capital goods and raw materials introduced under an export credit system;