Abstracts » Business, international

The art of control

Article Abstract:

International Monetary Fund (IMF) Chairman Michel Camdessus discusses the economic situation in Southeast Asian countries. Camdessus believes that Southeast Asian countries are going through a period of adjustment in the 1997 financial crisis. He believes that, once the countries understand and adapt to the development, they will be able to attract investment again, and continue their economic growth in a more sustainable manner. Camdessus discusses the root problems in Thailand's financial crisis, offers long-term solutions, and draws lessons for the future.

Officials and employees, Thailand, Interview, Economic development, Southeast Asia, Camdessus, Michel

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Testing time

Article Abstract:

Pakistan Finance Minister Sartaj Aziz is confident that improvements in the Pakistani economy will be adequate to meet International Monetary Fund (IMF) requirements for a three-year $1.6 billion loan. Other experts do not endorse Aziz's optimism. The Pakistan government desperately needs the loan to help its balance of payments situation, and to boost confidence in the country. The government believes it has met targets for improvements to stability and the business environment through its tax and tariff reforms. The IMF will make its decision on Oct 8 1997.

Pakistan

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Out of our hands

Article Abstract:

The South Korean government opted for a gradual implementation of reforms, but events overtook this policy in late 1997. The won started to fall rapidly in Oct 1997. The government attempted to hurriedly introduce rescue measures but, on Nov 21 1997, it had to admit defeat and ask for International Monetary Fund (IMF) help. The IMF rescue deal will take some weeks to negotiate but it will incorporate widespread reforms, probably including changes to the exchange-rate mechanism, a restructuring of the financial sector and opening of financial markets.

South Korea

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