Connect with us

Phuket

Thailand may bow out of IMF program

Published

 on 

Thailand may bow out of IMF program | Thaiger

BANGKOK, Aug 17 (AFP) – Thailand has enough foreign reserves to bow out of its IMF program and abandon the remaining 3.7 billion dollars available in loans under the rescue package, Deputy Prime Minister and Commerce Minister Supachai Panitchpakdi said today. The International Monetary Fund (IMF) has disbursed about 13.5 billion dollars to Thailand out of its 17.2 billion dollar loan package approved in August 1997. “If we have enough reserves, there is no need to commit to the IMF policies and we can terminate if we want,” Supachai said. “Reserves are not the most critical issue any more,” he told reporters ahead of a weekly cabinet meeting. Thailand’s foreign currency reserves stood at 31.9 billion dollars at the end of July. “The money from the IMF is only to shore up reserves. Now the finance ministry is considering whether to go ahead with further drawdowns from the IMF,” Supachai said. In May, Finance Minister Tarrin Nimmanahaeminda said it was too early to consider abandoning the unused balance of Thailand’s package. Tarrin said Thailand would discuss with IMF officials in August whether Bangkok would continue to receive funds. Thailand signed the agreement with the IMF two years ago this month after its economy plunged into crisis in the wake of the de-facto devaluation of the baht. Under the rescue plan, Thailand agreed to make sweeping changes to its economic infrastructure, a number of key elements of which have not as yet been accomplished.

 

Get more from The Thaiger

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Follow Thaiger by email:

Thailand9 hours ago

Cabinet seems to have ignored 4am nightlife proposal

Video10 hours ago

THAILAND NEWS TODAY | Korean woman arrested for 5-million-baht theft, 6-year overstay

Crime10 hours ago

Tuhao’s Chinese gang buys 50 homes in Bangkok luxury village with cash

Sponsored12 hours ago

Krungthong Plaza offers endless choices of well-selected plus-size fashion products

Road deaths10 hours ago

Bus flipped in Tak injuring 44 Burmese workers, killing 3

Thailand11 hours ago

3 men were arrested for stealing Thai Internet connection & World Cup betting in Cambodia

Pattaya11 hours ago

Intoxicated Pattaya woman left uninjured after overturning car

Join the conversation on the Thaiger Talk forums today!
Crime11 hours ago

Woman who allegedly scammed victims for over 30 million baht arrested in Pattaya

Bangkok12 hours ago

Bangkok BTS Skytrain fares to increase next year

Thailand12 hours ago

Police put brakes on car rental thief in Bangkok

World12 hours ago

New drug marks major milestone in slowing Alzhemier’s

World Cup12 hours ago

400 to 500 migrant workers in Qatar died due to World Cup, not 6,500

Visa13 hours ago

Thailand advises Indians to obtain visa prior to travelling to avoid long queues

Thailand14 hours ago

Driver furious with Bangkok shopping mall after foreigner accidently causes damage to her car

Politics14 hours ago

Iran promises Thailand it won’t attack Israeli tourists

Crime14 hours ago

Korean woman arrested for 5 million baht theft, 6-year overstay

Thailand1 year ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand2 years ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism2 years ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket2 years ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism2 years ago

Phuket Thai food treats you need to try | VIDEO

Thailand2 years ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism2 years ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand2 years ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand2 years ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand2 years ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand2 years ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand2 years ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand2 years ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand2 years ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand2 years ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending