In Thailand, the macroeconomic assumptions behind the initial design of the IMF program were flawed in that the IMF did not expect such a severe economic downturn or a rapid turnaround in the current account (Sussangkarn, 2002). Therefore, the initial fiscal and monetary targets were too stringent, and many other conditions were imposed in order to reduce capital outflow (full guarantees for creditors), or to generate additional foreign exchange earning (such as structural reform measures and privatization to attract foreign investment).