Thailand Releases Plan for IMF Funds

Thailand released a detailed timetable for rebuilding its financial system under the $17.2-billion reform plan from the International Monetary Fund. IMF Managing Director Michel Camdessus endorsed Thailand’s economic restructuring plan, which could lead to the release of additional IMF credits to bolster Thailand’s foreign reserves. The reforms were outlined in a “letter of intent” sent by the Thai government to the IMF. The plan “has my full endorsement,” Camdessus said. Since the $17.2-billion credit line was arranged in August, Thailand has borrowed about $4 billion, mostly to bolster its foreign reserves eroded by a failed defense of the baht. Thai Finance Minister Tarrin Nimmanahaeminda, in office three weeks, said Thailand would be able to meet targets set by the IMF in its three-month review of the aid package.