New emergency loan to tackle new wave, maintain country’s fluidity

THE government has detailed that the new set of emergency loans will help Thailand maintain its financial fluidity in dealing with the unstable Covid-19 situation, while upholding the national and general public’s interests, NNT said today (May 25).

The government passed a new Emergency Decree permitting the Ministry of Finance to seek an additional 500 billion baht loan to tackle the spread of Covid-19 and solve economic and social issues.

Deputy Prime Minister and Minister of Energy Supattanapong Punmeechaow, said today this new emergency loan will complement previous ones last year, giving the government the necessary funding to tackle future outbreaks and emergencies, as well as taking care of the public in this time of crisis.

The Energy Minister said he hoped no actual disbursement from this amount would be necessary, but the government cannot be incautious about the situation.

He said the government has been working at full tilt, calling on the public to comply with health and safety measures.

The government last year passed three Emergency Decrees authorizing the Ministry of Finance to take 1.9 trillion baht in loans to offer financial aid to people and businesses affected by Covid-19, and to stimulate the economy.

With this year’s new wave starting in April, the government has offered a 350 billion baht portion of the last year’s loan as soft loans and financial rehabilitation measures, while setting aside 400 billion baht to maintain the stability of the country’s monetary system, and the security of the national economy.

This remaining amount, plus the new 500 billion baht loan, will mean the government has 1.25 trillion baht in funding on hand.

Supattanapong said he expects this wave of Covid-19 to be contained within the second quarter this year, urging all sides to help in stopping the spread as the country proceeds with the vaccine rollout.

He said there are no serious concerns related to the investment sector, as the country has seen 100 more foreign investment projects in Q1 2021 compared to Q1 2020, with the gross value of projects seeking investment promotion, having grown by 80%.

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