"The runs started in Thailand after the IMF intervened in such a dramatic way. Then the IMF came to Indonesia"

This quote by Jeffrey Sachs is describing the Asian Financial Crisis of 1997. The crisis began in Thailand when the Thai baht was decreased the value of due to the nation's high levels of foreign financial obligation. This triggered a cause and effect throughout the region, with other nations such as Indonesia, South Korea, and Malaysia likewise experiencing financial turmoil. In response, the International Monetary Fund (IMF) intervened in Thailand in an attempt to stabilize the economy. The IMF then proceeded to Indonesia, where it offered financial help and carried out financial reforms. The IMF's intervention in Thailand and Indonesia helped to bring back confidence in the area's economies and eventually resulted in a recovery.