1997. On 8 November, it plunged by 7%, its biggest one-day drop to that date. And on 24 November, stocks fell a further 7.2% on fears that the IMF would demand tough reforms. Other prominent chaebols were affected: Samsung Motors' $5 billion venture was dissolved due to the crisis, and eventually Daewoo Motors was sold to the American company General Motors (GM). On 22 November 1997, Kim in a televised address to the nation, apologised and called for the nation to tighten its belts. He blamed companies for borrowing too much, workers for demanding too much pay and conceded that his government did not implement strong reforms on its own due to pressure from special interest groups. As a result, Kim became the most unpopular president in history with an approval rating of 6%, until Park Geun-hye broke this record with a 5% rating in 2016 before her impeachment. This is until she reached a record low of 1 to 3%. On 3 December 1997, the International Monetary Fund (IMF) agreed to provide US$58.4 billion as a bailout package. In return, Korea was required to take restructuring measures. In addition, the Korean government started financial sector reform program. Under the program, 787 insolvent financial institutions were closed or merged by June 2003. The South Korean won, meanwhile, weakened to more than 1,700 per U.S. dollar from around 800, but later managed to recover. However, like the chaebol, South Korea's government under Kim did not escape unscathed. Its national debt-to-GDP ratio more than doubled (approximately 13% to 30%) as a result of the crisis. Later life, post-presidency (1998-2015) and death Kim could not run for re-election; the South Korean constitution limits the president to a single five-year term. His term ended on 24 February 1998, and he was succeeded by his political rival Kim Dae-jung who defeated the ruling conservative party in the 1997 South Korean presidential election. This marked the first peaceful transition of power from one president to another from an opposition party in South Korea's history. After his presidency, Kim traveled the world promoting democracy, and speaking at events such as Towards a Global Forum on New Democracies in Taiwan in January 2007. He died in Seoul National University Hospital on 22 November 2015, from heart failure, at the age of 87. On 26 November 2015, a televised state funeral was held for Kim at the National Assembly