News Brief No. 99/59

News Brief: Camdessus Welcomes Thai Decision to Sustain Reform Efforts Without Further IMF Financing

September 22, 1999

Michel Camdessus, Managing Director of the International Monetary Fund (IMF) praised the success of Thailand's economic reform efforts over the past two years, which culminated in yesterday's decision by the government not to access further financing that would become available under its program with the IMF. In making its announcement, the government indicated that it would maintain close collaboration with the IMF and continue to implement its ongoing economic and financial program.

"The economic recovery and external situation has reached a point where Thailand is now in a position to sustain its reform efforts without further official financing. Thailand has made good progress in achieving economic recovery and implementing structural reforms, particularly in the financial sector. Of course, the close policy dialogue between the Thai authorities and the IMF will be maintained as Thailand continues to implement its reform program agreed with the IMF. Thailand will retain the option of accessing official financing if the need were to arise in the future," Camdessus said.