4. Data in table 1 shows that by the beginning of 1999, one can say that the
country is well on the way to recovery from its bankruptcy situation in terms of foreign
exchange. Official foreign reserves net of forward commitments and net of drawings from
the IMF package had increased to about US$ 14 billion by the end of March 1999. While the
risks are not over as there are still about US$ 20 billion in remaining short-term debts, the
increasing trend of net foreign reserves, and the increasing ratio of net foreign reserves to
short-term debt is clear. In fact, those with somewhat anti-IMF sentiment in the country have
suggested that Thailand should not make any further drawings from the IMF package.Even
the IMF and the Thai government have agreed that the Seventh Letter of Intent dated March
23, 1999, will be the last Letter of Intent.