Thailand gets ADB loan

Mon, 01 Dec 1997 | Source: AFP

BANGKOK (AFP): The Asian Development Bank (ADB) will approve loans of US$600 million to help reform Thailand's battered finance sector and to minimize the social impact of the country's economic recession, ADB officials said Saturday.

The loans are part of the ADB's US$1.2 billion contribution to the $17.2 billion rescue package arranged by the International Monetary Fund.

"The immediate objective of this program is to restore macroeconomic stability and confidence in the financial system, including the need to address the root causes of the current financial difficulties," said ADB Vice President Bong-Suh Lee.

He told a news conference the loans would likely be finalized in December and early next year.

An ADB team met Friday with Thai government officials, including new premier Chuan Leekpai, his two economic czars, Finance Minister Tarrin Nimmanahaeminda and Deputy Prime Minister Supachai Panitchpakdi and Governor of the Bank of Thailand Chaiyawat Wibulswasdi.

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