August 5, 1997
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Following the announcement of an economic policy package by the Thai authorities, Michel Camdessus, Managing Director of the International Monetary Fund, said:
"I greatly welcome today’s important announcement by the Thai authorities aimed at overcoming present economic problems in Thailand through the introduction of a comprehensive package of policies.
"The economic package is rightly focused on immediate and sweeping measures aimed at assuring the solvency and strength of Thailand’s financial system and on supporting fiscal measures and other welcome initiatives aimed at re-establishing a strong macroeconomic basis for stability and growth of the economy. I found particularly appropriate the adoption of a comprehensive restructuring of troubled financial institutions, as this is essential to lay the basis for the re-establishment of a sound financial sector and to set the stage for effective recovery.
"An IMF team is in Bangkok assessing this package and working with the authorities to further develop it into a multi-year adjustment program that could be supported by IMF resources. I expect that work will be completed expeditiously, and that I will be able to forward this program shortly to the IMF’s Executive Board for its endorsement.
"I am confident that the program will command wide international support. I am in close touch with governments in the region andmultilateral institutions to put together a supplementary financing package in support of the policy efforts of the Thai authorities.
"I am also confident that today’s strong actions by Thailand and the financial support that could be extended to it will decisively contribute to stability in financial markets in Asia," Camdessus said.
