News Brief: IMF Management Endorses Thai Letter of Intent

November 25, 1997

IMF Management Endorses Thai Letter of Intent

Michel Camdessus, the Managing Director of the International Monetary Fund (IMF), said today:

"Yesterday, I forwarded to the Executive Board Thailand’s Letter of Intent for the first review of the economic program supported by a stand-by credit. The Letter of Intent has my full endorsement and I am recommending that the Executive Board consider it favorably when it meets to complete the first review in due course. The understandings reached in the Letter of Intent seek to strengthen the macroeconomic program as well as fully implement measures in the key area of financial restructuring.

"Completion of the first review by the IMF Board, which will require Board acceptance, will allow the second tranche of disbursements to be made to Thailand from the IMF as well as from other multilateral and bilateral contributors to Thailand’s financing package," Camdessus said.


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