The Royal Gazette announced the promulgation of an executive decree empowering the government to additionally borrow 500 billion baht to solve COVID-19-related problems and help affected parties.
Finance Minister Arkhom Termpittayapaisith said the royally endorsed executive decree would boost the growth of Thailand’s gross domestic product by 1.5% this year and next year from the growth range of 1.5-2.5% anticipated by the National Economic and Social Development Council.
The additional borrowing would not exceed the ceiling of public debts of the country. If the borrowing is fully made this September, public debts will be equivalent to 58.6% of the GDP, he said.
According to him, the government will spend the borrowing for three purposes.
About 30 billion baht will be spent to contain COVID-19, 300 billion baht to help affected people and 170 billion baht to stimulate the economy and rehabilitate the society. (TNA)