Two years ago Asia’s tiger economies were celebrating the Asian miracle, operating in an environment of relatively low inflation with a stable but cautious monetary policy. However, the rising wave of growth has suddenly turned into an Asian Tsunami. Rapid growth and prudent macroeconomic policies, therefore, do not guarantee a sustainable economic environment. This paper examines the characteristics of the current economic storm in Asia and the International Monetary Fund relief effort, which has been labeled as antagonistic and ineffective in the salvaging of stricken Asian economies.