Thailand received a $17.2 billion financial assistance package during the 1997 Asian financial crisis.
The crisis began after Thailand abandoned its fixed exchange-rate system for the baht on July 2, 1997. The currency then fell sharply, and pressure spread to banks, companies, and other Asian economies. Thailand had accumulated substantial foreign-currency debt, making the loss of confidence especially damaging.
The package was arranged with support from the International Monetary Fund, the World Bank, the Asian Development Bank, and several countries. In return, Thailand adopted economic measures intended to restore stability, including fiscal and financial-sector reforms.
The $17.2 billion figure refers to the committed assistance package, not simply a single cash transfer from the IMF. The IMF’s own stand-by arrangement formed part of the wider rescue effort. The crisis later affected Indonesia, South Korea, Malaysia, and other markets across the region.