Thailand's reforms getting stuck

Aug 15, 1999 02:00 AM

Questions are being raised about whether the Chuan government's efforts at economic reform have reached their limit. Since Chuan came to power in the depths of the economic crisis in November 1997, he has stuck to IMF demands to reform the economy in exchange for a $ 17.2 bn bailout.
The currency has stabilised and, the stock market had rallied. But though some indicators like exports are heading up, the failure of the banking system to clear up massive dud loans on the books is seen as undermining the recovery.
The big privatizations expected under the IMF package, especially the strike-prone electricity authority, haven't come off. And now, the comparatively minor sale of Bangchak is becoming political ammunition against Chuan just at the time his opponents are starting to unofficially campaign for elections due next year.

Source: AP
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