 The Bank responded quickly to the crisis in Thailand, moving resources and people into a country program which had been decreasing in size as a result of Thailand’s pre-crisis economic success. The Bank provided a little over US$2 billion to Thailand, exceeding its US$1.5 billion pledge, supporting the Government’s reform program aimed at restoring confidence, paving the way for a return of strong economic growth in the medium-term, and providing social protection to the poor and other vulnerable groups.
As an example of its efforts, the Bank provided policy advice and assistance with: development of the Government Bond Market; improving public debt management; improved reporting and disclosure standards for accounting; training in corporate governance for more than 180 executives of Thai companies; assistance with banking supervision through the Bank of Thailand; financial institution restructuring; legal reform through establishment of bankruptcy court and amendments to bankruptcy and foreclosure laws; assistance with corporate debt restructuring and voluntary workout schemes; assistance with privatization and SOE Reform helping the government prepare the "Master Plan for SOE Reform; assisting with setting up a Public/Private Dialogue; sponsoring of Conferences and Seminars to bring cross country experience and expertise to Thailand's financial sector, in cooperation with the Bank of Thailand, among other activities.
Updated: July 2002
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