Policy Response to the Asian Financial Crisis: An Overview of the Debate and the Next Steps
Asian Development Bank | May 1999
The principal responsibility for dealing with the Asian crisis at an international level was assumed by the International Monetary Fund (IMF), the institution charged with safe¬guarding the stability of the international financial system. The IMF's goal was to quickly restore confidence in the three hardest hit Asian economies—Indonesia, Korea, and Thailand—through a combination of tough economic conditionalities and substantial fi¬nancial support. In 1997 the IMF approved $35 billion in loans for these countries, and in addition, mobilized commitments worth $77 billion from the Asian Development Bank (ADB), the World Bank, and bilateral sources. In 1998 the IMF arranged further loans worth $6.3 billion for Indonesia.
CitationAsian Development Bank. 1999. Policy Response to the Asian Financial Crisis: An Overview of the Debate and the Next Steps. © Asian Development Bank. http://hdl.handle.net/11540/2620. License: CC BY 3.0 IGO.
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