HISTORIC PRESS RELEASE : Economic Secretary welcomes IMF support for Thailand [August 1997]

The press release issued by HM Treasury on 21 August 1997.

The UK today backed the economic programme being implemented by the Thai authorities, which the IMF today agreed to support with exceptionally large access to IMF financial resources.

Welcoming the IMF programme, Economic Secretary Helen Liddell said:

“As a major shareholder of the IMF, we believe    that acting with the support of the IMF in this way is the right way for the Thai authorities    to have handled their financial situation.  The IMF’s Emergency Financing Mechanism was set up to deal with just this sort of eventuality and we fully support its use on this occasion.

“The Government will continue to monitor developments in the Thai economy with a keen interest and will continue to give our full support through the IMF and World Bank so long as the programme is adhered to.

“Agreement on IMF support for this economic programme in Thailand is aimed at promoting greater financial stability throughout Asia, a region in which the UK has considerable economic and financial interests.”