On July 28th the Thai government to

On July 28th the Thai government took the next logical step, and called in the International Monetary Fund (IMF). With its foreign exchange reserves depleted, Thailand lacked the foreign currency needed to finance its international trade and service debt commitments, and was in desperate need of the capital the IMF could provide. Moreover, it desperately needed to restore international confidence in its currency, and needed the credibility associated with gaining access to IMF funds. Without IMF loans, it was likely that the baht would increase its free-fall against the US dollar, and the whole country might go into default. IMF loans, however, come with tight strings attached. The IMF agreed to provide the Thai government with $17.2 billion in loans, but the conditions were restrictive. The IMF required the Thai government to increase taxes, cut public spending, privatize several state owned businesses, and raise interest rates – all steps designed to cool Thailand’s overheated economy. Furthermore, the IMF required Thailand to close illiquid financial institutions. In the event, in December 1997 the government shut some 56 financial institutions, laying off 16,000 people in the process, and further deepening the recession that now gripped the country.

ผลลัพธ์ (อังกฤษ) 3:

On July 28th the Thai government took the next logical step and called, in the International Monetary Fund (IMF). With. Its foreign exchange, reserves depleted Thailand lacked the foreign currency needed to finance its international trade and. Service debt commitments and was, in desperate need of the capital the IMF could, Moreover provide.It desperately needed to restore international confidence in, its currency and needed the credibility associated with gaining. Access to IMF funds. Without, IMF loans it was likely that the baht would increase its free-fall against the, US dollar. And the whole country might go into default. IMF, loans however come with, tight strings attached.The IMF agreed to provide the Thai government with $17.2 billion in loans but the, conditions were restrictive. The IMF. Required the Thai government to increase taxes cut spending, public, several privatize state owned businesses and raise,, Interest rates - all steps designed to cool Thailand 's overheated economy. Furthermore the IMF, required Thailand to close. Illiquid financial institutions.In the event in December, 1997 the government shut some 56 financial institutions laying off, 16 000 people, in, the process. And further deepening the recession that now gripped the country.