[Congressional Record Volume 144, Number 8 (Monday, February 9, 1998)]
[Senate]
[Page S521]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              SENATE RESOLUTION 174--RELATIVE TO THAILAND

  Mr. ROTH (for himself, Mr. Baucus, Mr. Thomas, and Mr. Lugar) 
submitted the following resolution; which was referred to the Committee 
on Foreign Relations:

                              S. Res. 174

       Whereas, the United States maintains a close bilateral 
     partnership with Thailand and has a profound interest in 
     furthering that relationship;
       Whereas, the friendship between our two countries goes back 
     farther than that with any other Asian nation dating back to 
     the Treaty of Amity and Commerce and Navigation of 1833;
       Whereas, the bilateral trade relationship is robust and 
     promises to grow even more so in time;
       Whereas, the U.S. security relationship with Thailand is 
     one of our most critical, and it is in both countries' 
     interest to maintain and strengthen that relationship;
       Whereas, the new government in Thailand has committed 
     itself to making significant structural reforms to its 
     economy in line with the conditions placed upon it by the 
     International Monetary Fund, including improving financial 
     and economic transparency and cutting its budget;
       Whereas, the conditions imposed on Thailand by the IMF were 
     developed in August of 1997 when the economic environment in 
     Asia was vastly different from that existing today;
       Whereas, an example of those changed circumstances is the 
     fact that both Korea and Indonesia provided second line of 
     defense contingency loans to Thailand in August, 1997, 
     amounting to US$500 million each;
       Resolved, That it is the sense of the Senate that:
       (1) The United States should be prepared to take 
     appropriate steps to help ensure that Thailand's economic 
     recovery efforts will continue uninterrupted and to enhance 
     the close political, economic and security relations between 
     Thailand and the United States; and
       (2) Thailand deserves praise and commendation from the 
     United States for the measures it has implemented to resolve 
     its financial problems.

  Mr. ROTH. Mr. President, I rise today on behalf of myself, Mr. 
Baucus, Mr. Thomas, and Mr. Lugar, to submit a Resolution to state the 
sense of the Senate that Thailand remains one of America's most 
important partners and closest friends, and that Bangkok has been 
making important strides in executing its responsibilities under its 
arrangements with the International Monetary Fund.
  Mr. President, America's friendship with Thailand is our longest-
standing in Asia. Our first Envoy to Thailand negotiated a Treaty of 
Amity and Commerce with that country in 1833.
  Thailand was the first country afflicted with the so-called Asian 
contagion, and the first to receive IMF assistance. However, at the 
time the IMF put the package together for Thailand in August, 1977, 
Asia's regional economy looked far different than it does today. Let me 
give one compelling example of how things have changed: Last year, both 
Korea and Indonesia were economically secure enough to pledge so-called 
``second line of defense'' contingency loans to Thailand.
  The point is, Mr. President, many of the assumptions that the IMF 
used in formulating the conditions for Thailand's package are no longer 
applicable.
  Despite the changes, however, the new Government of Thailand has been 
making important progress in fulfilling its IMF obligations. Already 
Thailand has taken steps to improve financial and economic transparency 
and cut its budget.
  I recently visited Thailand and was very impressed by the new 
leadership in Bangkok, by the steps they have taken thus far and by 
their resolve in fulfilling their IMF obligations.
  Mr. President, I believe I am safe in saying that all of us in this 
chamber--and Americans all across this land--are great admirers of 
Thailand and Thai culture. I remain optimistic about Thailand's future. 
Given the Thai people's energy and initiative, the country's remarkable 
history, and its record of economic success, I hope and expect to see 
Thailand's return to prosperity in the not-too-distant future.

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