IMF: Asian Financial Crisis, 1997

The International Monetary Fund (IMF) is the leading financial institution, responsible for monitoring global economic developments, promoting financial stability and monetary cooperation, and providing financial support to countries hit by crises. During the late 1980’s and early 1990’s, many Southeast Asian countries underwent rapid industrialization and achieved massive economic growth. However, with the collapse of currencies pegged to the U.S. dollar, starting with the Thai Baht in July, 1997; economic downturn has engulfed much of Southeast Asia and fear that the crisis will spread and result in a worldwide financial meltdown is high. Delegates of this committee will be tasked with determining the best approach to aid the affected countries, as well as making recommendations for structural reforms and more effective macroeconomic policies to prevent future economic collapse.