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Thai government to Plan $22 Billion Borrowing for Covid Relief

Thai government to Plan $22 Billion Borrowing for Covid Relief

government of Thailand plans to borrow $ 700 billion ($ 22.3 billion) to deal with Corona. A cabinet meeting chaired by Prime Minister Prayuth Chan-ocha approved the new lending scheme from the Ministry of Finance400 billion of this amount will be used to help people affected by Corona while 270 billion of the 270 billion will be used to revive the economy. 30 billion will be used for medical supplies and vaccination.

The way the Corona cases are increasing in Thailand. The government will have to make such a system by issuing an emergency law which will stop the corona and also strengthen the economic reforms.

standard Chartered Bank plc expects the Pryuth-led fiscal policy committee to raise the debt limit to 65% of GDP by the end of the year, Bangkok-based economist Tim Leilahafan said in a note on Wednesday that additional lending to existing instruments. Can occur through, including treasury bills, promissory notes and savings bonds.

Thailand, earlier this week slashed its development outlook for this year, citing delays in reopening borders and slow vaccination for foreign tourists. The National Economic and Social Development Council said on Monday that the economy could expand between 1.5% and 2.5% this year, down from the 2.5% -3.5% forecast in February.

Thailand has imposed curbs on businesses and travel to contain the resurgence in the pandemic that seen the nation’s total caseload almost quadruple since the start of April. The country has vaccinated only about 2% of its population, trailing the pace of countries like Indonesia, Malaysia and Singapore.

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