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IMF team in Thailand to assess economic progress

BANGKOK: A team from the International Monetary Fund (IMF) has begun a 16-day assessment of Thailand's economic progress in consultation with financial authorities, a Bank of Thailand official said on Wednesday.

"It is their regular assessment visit on how well Thailand has done what it has pledged to do in its eighth letter of intent with the IMF," the central bank official told Reuters.

A ninth letter of intent may not be needed if Thailand does not change any forecast of its key economic indicators, she said.

Thailand submitted its eighth letter stating its economic targets and priorities to the IMF's board last September.

The IMF reviews of the Thai economy have taken place as part of a $17.2 billion multilateral bailout package arranged for Thailand by the world agency in August 1997 after the country sank into its worst economic crisis in decades.-Reuters