The design and ongoing enlargement of the financial facilities commonly known as the Chiang Mai Initiative (CMI) were widely praised, notably by governments and others that opposed the 1997 proposal for an Asian Monetary Fund (AMF). But the amounts and availability of the financing provided via the CMI may prove to be inadequate, for three reasons: (1) the limited amounts of financing available from the two largest potential creditors, China and Japan; (2) the need for a country seeking a large drawing on the CMI to have an IMF program in place; and (3) the right of each potential creditor to opt out unilaterally when another seeks to draw on the credit arrangements of the CMI.