Thailand to stimulate COVID-19 hit SMEs and tourism businesses with 100 billion baht circulation


BANGKOK – The global COVID-19 epidemic is bringing significant disruption to both the Thai and global economies, perceived as one of the most serious economic setbacks by the private sector. The Ministry of Finance is working with the private sector to develop some 100 billion baht in support measures for affected persons and business operators.

These measures will include financial a liquidity enhancement campaign for low-income earners, freelance workers and farmers. With this campaign, the government will transfer support benefits, via the country’s Prompt Pay platform, to some 14 million beneficiaries, who will be able to for spending on necessities.

Soft loans will be offered to SMEs and tourism businesses to help secure sufficient funding for their business operations, as well as special tax measures to help encourage companies to retain their employees. The Revenue Department will issue a special guideline reducing withholding tax payments to increase liquidity.

A fund will be set up to support employers who continue to pay their employees during temporary work stoppages forced.

These, plus aid measures for the stock market, will be proposed in the economic ministers’ meeting on 6 March.