Thailand gets $500m loans

Thailand gets $500m loans

WASHINGTON (AFP): The International Monetary Fund on Tuesday announced that Thailand was now entitled to another US$500 million worth of international credits in light of its progress toward economic stability.

"I commend the Thai authorities for diligently implementing an appropriate policy framework and consolidating the stabilization gains achieved earlier in the year," said IMF managing director Michel Camdessus.

The IMF component in the latest loan package, which is backed by other multilateral and bilateral contributors, is $140 million.

The Fund last year organized an international rescue for Thailand in the amount of $17.2 billion, to which it pledged $3.9 billion.