Thailand’s Finance Ministry has revealed that the state committee, tasked with scrutinizing the use of the country’s borrowing for restoring the COVID-hit economy, approved a 100-billion-baht budget to assist small and medium-sized enterprises (SMEs).
Finance Minister Arkhom Termpittayapaisith said the committee plans to ask for Cabinet approval of the budget to help SMEs struggling with the impacts of the prolonged pandemic soon.
The Export-Import Bank of Thailand previously estimated that one-third of the country’s 3 million SMEs were on the verge of going out of business because of the pandemic, while the Fiscal Policy Office predicts Thai economic growth of only 1.3% this year due to the pandemic.
According to the Finance Ministry, the government issued the second emergency loan decree this year to allow the government to borrow an additional 500 billion baht. Over the past two months, the government has introduced new measures to provide financial relief to workers in the social security system. (NNT)