FROM THE OFFICE OF PUBLIC AFFAIRS

I welcome the favorable IMF Board review of Thailand's Stand-by program completed today. We are encouraged by the progress of the Thai authorities in implementing their IMF-supported economic program, and commend the strengthened measures outlined in the latest Letter of Intent. These measures have been well received by the financial markets, and we welcome the fact that major international banks have been playing a constructive role in Thailand by extending their short-term claims to Thai banks.

As a sign of our continued confidence in the commitment of the Thai Government to reform, the United States would be prepared, if circumstances warrant, to support additional IMF financing for Thailand in the form of access to the IMF's Supplemental Reserve Facility. This step is designed to reinforce the positive developments in Thailand by making it clear that access to additional resources will be provided, if needed. Thailand now has substantial reserves and significant amounts of official support in the pipeline. The international community has a strong stake in the success of Thailand's reform program, and the United States will continue to play an active role in supporting those efforts.