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Thailand - Second Economic and Financial Adjustment Loan Project (Inglês)

The Economic and Financial Adjustment Loan II Project is part of a two-year program of structural adjustment of the economy supported by four single-tranche balance of payments support loans. This loan tracks reform in the financial and corporate sectors, seeks to strengthen the competitive foundations of the economy, and supports the Government's proposed fiscal stimulus, especially programs that shore up social protection. In the short-term, the fiscal stimulus will strengthen aggregate demand, provide employment opportunities and substantially bolster social protection. The medium term benefits include the consolidation of the structural reform program that began with the Finance Companies Restructuring Loan and deepened with the first Economic and Financial Adjustment Loan. The loan program will strengthen the legal, institutional, and incentive framework for decision-making by financial institutions and corporates. The greatest risk lies in the potential to misread the current strengthening of the stock market and the exchange rate as signs of enduring recovery. The slowdown in China's exports and its implications for the country's currency policy entails another set of risks. However, recent economic developments suggest that the risks mentioned above are small.

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