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President Yoon Suk-yeol has proposed what he called the "audacious initiative" designed to provide comprehensive economic assistance to North Korea in return for its denuclearization. In his speech marking the 77th anniversary of Liberation Day on Monday, Yoon said the plan will help significantly improve North Korea's economy and its people's livelihoods in stages should the North begin a "genuine and substantive" process for denuclearization.

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