In order to counter this trend, Thailand entered into IMF backed adjustment program in which it devalued its currency while implementing stricter fiscal policies.
The Thai government initially attempted to protect the Baht by buying it back and expending its international reserves, but was ultimately forced to float the currency.
[6] In August 1997, the IMF unveiled a relief package for Thailand that would offer a total of 17.2 billion US dollar's worth of bilateral and multilateral assistance.
The initial period of policy-making was designed to manage the baht's floating exchange rates, restructure Thai financial institutions, cut public expenditures, promote the private sector, and to attract more foreign capital.
[7] The IMF opened a Technical Assistance Office in Thailand (TAOLAM) in September 2012 to provide support for Laos and Myanmar, and now also covers Cambodia and Vietnam on a project-by-project basis.
The name change reflects the complementary role that training plays with technical assistance, as the two pillars of capacity development at the IMF.
The principal objective of CDOT has remained to strengthen capacity in macroeconomic management and statistics in support of countries’ reform priorities.