Japanese Financial Support to Thailand Under the Framework of the New Miyazawa Initiative

December 16, 1998

1. We indicated to the government of Thailand that we were positively considering to extend our financial support under the framework of "A New Initiative to Overcome the Asian Currency Crisis -New Miyazawa Initiative-" to assist her efforts in restructuring the economies.
   
   The support to Thailand amounts approximately to the Yen equivalent to U.S. $ 1,850 Million in total respectively.
   
   The content of our financial support to Thailand is as stated in the APPENDIX.

2. In addition to those mentioned above, the Ministry of International Trade and Industry is now positively examining the utilization of the trade insurance facility to Thailand (the Yen equivalent to around U.S. $ 500 Million).

3. This financial support are the first steps in a series of support extended to Thailand under the framework of the "New Miyazawa Initiative" in response to their requests. We will continuously analyze her further financial needs and consider the extension of our appropriate support including JEXIM's guarantee facility, if necessary.

4. We hope that our support will contribute to her overcoming current economic difficulties and that Thai economy will return to a prosperous growth as quickly as possible.

[APPENDIX]

MINISTRY OF FINANCE
THE GOVERNMENT OF JAPAN

Medium- to Long-Term Financial Support to Thailand