The most immediate crisis resolution measure that was unavoidable because of the
country’s insolvency was the need to abandon the fixed exchange rate system and adopt a
floating exchange rate system. Thailand also needed foreign exchange liquidity support from
the IMF. The IMF package amounted to $US17.2 billion and was tied to IMF conditionality.
Thailand was required to adopt many policy reforms, such as fiscal and monetary tightening,
as well as structural reforms of the financial and real sectors, such as increased prudential
standards, improved governance, foreign access, and privatization.