Which international organization provided Thailand with a bailout during the 1997 Asian financial crisis?

The International Monetary Fund provided Thailand with a bailout during the 1997 Asian financial crisis.

Thailand requested international assistance after its government abandoned the baht’s fixed exchange rate on July 2, 1997. The currency then lost much of its value, and financial pressure spread through Thai banks, companies, and property firms. The crisis exposed heavy foreign-currency borrowing and weaknesses in Thailand’s financial system.

The IMF led a support package worth about 17.2 billion US dollars for Thailand. The program also involved the Bank of Thailand, Japan, and other international partners. In exchange for assistance, Thailand agreed to fiscal, monetary, and financial-sector measures intended to restore confidence and stabilize its external finances.

The crisis soon spread to Indonesia, South Korea, Malaysia, and other economies. The IMF also arranged major rescue programs for Indonesia and South Korea, but Thailand was the first country at the center of the crisis to receive such assistance. The World Bank and Asian Development Bank were involved in broader regional support, but the IMF was the principal organization associated with Thailand’s bailout.