21. Chronology of Events in Asian Countries

Thailand

South Korea

Indonesia

Malaysia

others

January

1998

・The Second disbursement under the Financial Sector Program which was approved on Dec. 19 (Jan. 5)

・Fiscal 1998 national budget announced. (Jan. 6)

・Foreign exchange trading band for Philippine Peso expanded (from plus-minus 4% to 6%). (Jan. 6)

・Disbursement approved by IMF Board. ($ 2.0 billion). (Jan. 8)

・Hashimoto-Suharto telephone conference. (Jan. 12)

・A preliminary agreement on new policy measures reached between Indonesia and IMF. (Jan. 15)

・Measures to reform banking sector and to address foreign-currency denominated corporate debt announced. (Jan.27)

・Agreement to extend the maturities of credits to Korea reached between South Korea and principal banks of Japan, U.S. and Europe (Jan. 28)

・Two-tier Baht system abolished. (Jan. 30)

・The period of IMF's Extended Fund Facility for Philippines extended to the end of March (Jan. 30)

February

・Investigating Mission for Southeast Asian Economies and Finance dispatched by Liberal Democratic Party of Japan. (Feb. 8-14)

・The First quarterly review of Stand-By Arrangement completed, and disbursement of $2.0 billion approved by IMF Board (Feb. 17)

・Mission dispatched by the Japanese Government, composed of representatives from four ministries and agencies led by Mr.Chino, the former Vice-Minister for International Affairs of Ministry of Finance (Feb. 11-18)

・Resignation of Djiwandono of the central bank. (Feb. 19)

・"Emergency policy package for stabilizing economies in Southeast Asia" approved by the Japanese Cabinet (Feb. 20)

・Inauguration of President Kim Dae Jung (Feb. 25)

・The Meeting for Japanese banks to explain the program for extending the maturities of credits held by South Korean authorities (Feb. 27)

March

・The second review of Stand-By Arrangement completed by IMF Board. (Mar. 4)

・President Suharto re-elected. for his seventh time (Mar. 10)

・Vice President Habibi elected. (Mar. 11)

・A loan to Thailand for the Social Sector Program approved by ADB Board ($ 50 million) (Mar. 12)

・Commitment for extending the maturities of credits(Total Commitment:$21.3 billion) finalized by lending banks. (Mar. 12)

・Hashimoto-Suharto meeting. (Mar. 15)

・Foreign exchange trading band for Philippine Peso abolished. (Mar. 23)

・Economic stabilization measures announced. (Mar. 24)

・A loan to the Export-Import Bank of Thailand for the Export Financing Facility Project ($0.5 billion), including co-financing by private banks ($950 million, partial credit guarantee), approved by ADB Board (Mar. 26)

・The "Structural Adjustment Loan" ($2.0 billion) approved by World Bank Board (Mar. 26)

・The Stand-By Arrangement for Philippines approved by IMF Board ($1.4 billion, for two years) (Mar. 27)

・Contract signed between South Korean financial institutions and lending banks to extend the maturities of credits (Total Commitment: $21.8billion). (Mar. 31)

April

・Hashimoto-Suharto telephone conference. (Apr. 2)

・Euro-dollar bond issued by the Government of South Korea, amounting to $4 billion (Apr. 8)

・A preliminary agreement on economic program reached between Indonesia and IMF (Apr. 8)

・New York meeting on corporate sector foreign currency debt between representatives of the government and private sector of Indonesian and steering committee of banks (Apr. 15-16)

May

・The first review of Stand-By Arrangement completed by IMF Board. (May 4)

・Tokyo meeting on corporate sector foreign currency debt between representatives of the government and private sector of Indonesia and Steering Committee of banks. (May 8-10)

・Presidential election (May 11)