Thailand gets ADB loan

Mon, 01 Dec 1997, 00:00 WIB | 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.

View JSON | Print