The International Monetary Fund, an advocate of neoliberal economic policies, was created to oversee and use its resources to monitor national economic policies and provide balance-of-payments financing to defend countries at risk of falling into recession. The IMF has also taken on the responsibility of evaluating the economic prospects of developing countries. In the event, the IMF issues a large IMF bailout package under heavy conditionality without considering distinct characteristics of every country. The IMF requires the government to change its policies or else the aid will be halted. In 1997, when Asian financial crisis, some nationalist in countries such as South Korea and the Phillipines, viewed the IMF as a responsible actor because of its prescription for deregulation of capital markets and structural adjustment of the countries prioritizing national economy to any other issues which may bring about side-effect.