BANGKOK, Thailand – Prime Minister Anutin Charnvirakul on Tuesday May 5 announced that the Cabinet has approved an emergency decree authorizing the Finance Ministry to borrow up to 400 billion baht (approximately $11 billion) to mitigate the impact of the ongoing global energy crisis and support Thailand’s transition to modern energy systems.
Speaking after the Cabinet meeting at Government House, Anutin said the decision was driven by escalating tensions in the Middle East, which have pushed up global energy prices and triggered a ripple effect on food costs and overall living expenses.
“This is not a normal situation, and it cannot wait,” he said, emphasizing the urgent need to prevent Thailand’s economy from slipping into high inflation and a potential slowdown.
The Prime Minister stressed that the use of an emergency decree is justified under legal provisions for urgent and unavoidable circumstances.
The decree has two primary objectives: to ease the burden of rising living costs on the public and to sustain economic activity, while also accelerating structural reforms in the country’s energy sector to reduce long-term vulnerabilities.
Key measures will target vulnerable groups, including low-income households, farmers, small and medium-sized enterprises (SMEs), and industries heavily affected by rising production costs.
The government plans to act on two fronts: immediate relief and long-term restructuring. Short-term measures include reducing household expenses and lowering production costs, particularly in agriculture, through support such as fertilizer and essential inputs.
At the same time, the government aims to use the crisis as an opportunity to transition toward modern energy by reducing reliance on fossil fuels and strengthening energy security. The plan also includes upskilling and reskilling the workforce to enhance competitiveness in a rapidly evolving global economy.
Anutin reaffirmed that while the decree will help Thailand navigate the crisis, it will not resolve global challenges. However, it will provide the Thai people with the resilience needed to cope with ongoing economic pressures.
“The government will stand alongside the people and do everything in its power to help the country overcome this crisis,” he said. (TNA)
