Thailand's prospects for economic recovery depend on the outcome of Mr Tarrin's talks in Washington. In recent weeks the Thai baht has remained weak and many companies have closed. The government is well aware that the recession is much worse than anybody predicted, making it impossible to meet the targets set by the IMF last August. The IMF had assumed the economy would grow by 3%. It's now expected to contract. But the Thai finance minister insists that he won't be seeking a full review of the package, saying that he simply wants to modify it to take account of the different conditions.

Mr Tarrin is attempting a difficult balancing act. He's anxious to reassure foreign investors that his government is still committed to working with the IMF, but at the same time he is under pressure from many Thai businessmen who feel that the IMF medicine is too harsh. They are particularly opposed to the high interest rates, which the IMF wants to maintain to keep currency speculators at bay and inflation under control. The business community also wants the government to ask the United States for more financial assistance.