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Thailand - Economic Financial Adjustment Loan Project (Inglês)

The outcome of the Economic and Financial Adjustment loan was assessed as satisfactory with a likely sustainability. Key lessons learned are: a) a good counterpart can be created; b) the importance of maximizing reform commitments at a peak of a crisis; c) reasons why governments might carry through unpopular reforms; d) drafting legislation benefits from broad participation of stakeholders; e) currency declines do not automatically dictate a tight fiscal stance; f) the Bank's deliberations with the International Monetary Fund - economists need to have sufficient time to focus on general macroeconomic issues; and g) pressing technical assistance requirements call for flexible and shorter procurement processes.

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