Prime Minister Prayut Chan-o-cha defends the 500-billion-baht executive decree in Parliament on June 9 (Photo: VNA)The decree allows the Finance Ministry to raise 500 billion THB, but loan contractsmust be signed by Sept 30, 2022, according to Finance Minister ArkhomTermpittayapaisith.
As planned, about 30 billion THB isearmarked to buy medical supplies, medicines and vaccines, and for research anddevelopment of vaccines.
Meanwhile, about 300 billion THB is allocated for funding relief schemes forpeople across various sectors. The rest will be forsocial and economic rehabilitation projects.
Termpittayapaisith said before thevote that the cash injection would help Thailand fulfill its target and the governmentwould keep pubic debt at less than 60 percent of the country’s gross domesticproduct.
This is the second time the Thai government has been allowed to borrow money todeal with the COVID-19 pandemic. Last year, it borrowed 1 trillion THB to easethe impact of the first wave of COVID-19.
According to Thailand's National Economic and Social Development Council (NESDC), the country's economic growth in the first quarterof 2021 fell by 2.6 percent year-on-year. The country's economic growth in 2021is predicted to decrease by 1.5-2.5 percent from the previous projection of2.5-3.5 percent./.
VNA
