21. Chronology of Events in Asian Countries

Thailand

South Korea

Indonesia

Malaysia

others

November

・Announcement of Japan's intention to provide $5.0 billion financial assistance (The Second Line of Defense). (Nov. 1)

・Stand-By Arrangement for Indonesia approved by IMF Board . ($10.1 billion for 3 years, $3.0 billion approved to disburse.) (Nov. 5)

・Resignation of the Prime Minister Chavalit (Nov. 6)

・Inauguration of Prime Minister Chuan (Nov. 9)

・Financial market stabilization measures announced. (Nov. 19)

・Won/dollar foreign exchange trading band expanded from plus/minus 2.5% to 10%. (Nov. 20)

・An assistance from IMF requested by South Korea (Nov. 21)

・Japan-South Korea summit meeting. (Nov. 24)

・Japan-South Korea finance ministers' meeting. (Nov. 28)

December

・A preliminary agreement on economic program reached between South Korea and IMF
Financial assistance (totaling $35.0 billion) announced by IMF, World Bank, ADB and others (Dec. 3)

・Announcement of Japan's intention to provide $ 10.0 billion in financial assistance (The Second Line of Defense). (Dec. 3)

・Stand-By Arrangement for South Korea approved by IMF Board.($ 21.0 billion for 3 years, of which $ 5.5 billion approved to disburse.) (Dec. 4)

・Fiscal expenditures cut and other emergency economic measures announced.(Dec. 5)

・Concrete measures based on financial restructuring plan of Oct. 14 announced. (56 of the 58 FCs to be resolved) (Dec. 8)

・The first review of Stand-By
Arrangement completed, and disbursement of $800 million approved by IMF Board .(Dec. 8)

・Additional measures implemented for financial market stabilization. (Dec. 10)

・President Suharto's absence from ASEAN summit announced (Dec. 12)

・Foreign exchange trading band for Won abolished (shift to independently floating). (Dec. 16)

・Disbursements ahead of schedule approved by IMF Board, of which $ 3.5 billion approved to disburse (Dec. 18)

・A loan for Financial Market Reform Program approved by ADB Board, which was immediately implemented ($300 million).(Dec. 19)

・Kim Dae Jung won presidential election Bank of Japan provided bridge loan to Bank of Korea. (Dec. 19)

・A loan for "Financial Companies Restructuring" ($350 million) approved by World Bank (Dec. 23)

・A loan for Financial Sector Program ($ 4.0 billion) approved by ADB board(Dec.19), of which $ 2.0 billion immediately disbursed (Dec. 23)

・The " Economic Restruction Loan" approved by World Bank Board, which was immediately disbursed ($3.0 billion) (Dec. 23)

・Statement by potential participants in the supplemental financial assistance: early and front-loaded disbursements by IMF and other international financial institutions, and of supplemental financial assistance (Dec. 24)

・Positive response to South Korean liquidity problems agreed among principal banks of Japan, U.S. and Europe . (Dec. 29)

・Financial Reform Bill enacted. (Dec. 29)

・Early and front-loaded disbursement approved by IMF Board. $ 2.0 billion approved to disburse (Dec. 30)

・The period of IMF's Extended Fund Facility for Philippines extended to the end of January. (Dec. 31)