Japan indicated August 6 that it is ready to extend the greatest amount of financial assistance in a multilateral effort to support Thailand's flailing economy.
Finance Minister Hiroshi Mitsuzuka welcomed the comprehensive package of economic policies outlined by Bangkok on August 5 that were in line with conditions laid out by the International Monetary Fund for securing IMF credit. The measures include the closure of dozens of ailing financial companies and a raise in the value-added tax -- steps Mitsuzuka said would contribute to stabilizing financial markets and securing mid- to long-term economic growth in Thailand.
Thai authorities and the IMF are still discussing details for an economic adjustment program for the Thai economy, and Mitsuzuka said that once the program is wrapped up Japan would offer financial aid through the Export-Import Bank of Japan. Thailand has asked the IMF for an emergency credit line of between $12 billion and $15 billion, but a final figure on which the two sides agree have still to be negotiated.