The Thai government has borrowed $13.47 billion out of the $17.2 billion IMF standby credit agreement signed in August 1997. Since the level of international reserves is sufficiently high at $32 billion--a far cry from the floor level of $23 billion required by the IMF, Thailand exited the IMF program in June 2000. The Thai economy grew by 4 percent in 1999. Repayments to the IMF will be made in eight equal amounts from 2000 to 2003. Over the last three years, Thailand's case can provide a good lesson for crisis-hit countries that have to depend on the IMF fund. The finding in this research can be summarized as follows.