Economic ministers adopt measures to cope with Europe’s debt crisis

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BANGKOK, July 4 – Thailand’s economic ministers, meeting Wednesday, agreed to prepare six measures to cope with possible adverse impacts from the eurozone debt crisis, according to Deputy Prime Minister/Finance Minister Kittiratt Na-Ranong.

The ministers resolved to maintain the country’s economic stability on currency exchange rates, interest rates, inflation rates, and energy prices. Speeding up the budget disbursements of government departments and agencies as well as supporting and finding new markets for Thailand’s export sector to replace markets in the European Union was also discussed.

The government’s top economic officials also agreed to provide employment for new graduates.

Other measures include promoting tourism as well as using Don Mueang Airport for low-cost flights.

They also agreed to help entrepreneurs at risk of being negatively impacted from the European crisis such as those dealing in textiles and garments, jewellery and accessories, as well as electronics.

The Export-Import Bank of Thailand (EXIM) was assigned to grant Bt100 billion credit to boost liquidity in the system and a credit guarantee for exports of Bt40 billion.

The Agriculture and Cooperatives Ministry and the Commerce Ministry were assigned to monitor and support agricultural products such as rubber, where prices fluctuate according to oil prices.

Mr Kittiratt however admitted that the country’s political problems could undermine the government’s efficiency to implement its economic policies in responding to the world economic crisis.