Thailand Says It Won’t Need IMF Help

Thailand will not seek credit from the International Monetary Fund or anywhere else to weather an effective currency devaluation that has lopped about 20% off the baht’s value, the commerce minister said. Narongchai Akaransee disputed estimates by financial analysts that Thailand’s foreign exchange reserves of $33 billion would be insufficient to bail out the weakened finance sector, making it necessary for an IMF credit line of up to $40 billion. He said the government’s decision to float the baht had set the stage for a return to financial stability after a volatile year. But the opposition Democrat Party accused the government of making up policy as it went along, saying it may eventually be forced into seeking foreign aid. The party filed a motion in parliament for a debate on the devaluation.