Thailand announces $58 billion economic measures to mitigate coronavirus impact

[webfact]

Thailand announces $58 billion economic measures to mitigate coronavirus impact

 

A man wearing a protective face mask walks as a woman dries her clothes at her home during the coronavirus disease (COVID-19) outbreak in Bangkok, Thailand, April 6, 2020. REUTERS/Soe Zeya Tun

 

BANGKOK (Reuters) - Thailand's cabinet approved on Tuesday a package of economic measures worth 1.9 trillion baht ($58 billion) to alleviate the impact of the coronavirus outbreak on Southeast Asia's second-largest economy, the finance minister said.

 

The package includes a law to borrow 1 trillion baht plus central bank measures worth another 900 billion baht in soft loans and support for corporate bonds, Uttama Savanayana told a news conference.

 

Thailand has confirmed 2,258 cases and 27 deaths since the outbreak began in January.

 

(Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai; editing by John Stonestreet)

 

-- © Copyright Reuters 2020-04-07

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[Flugg]

For a change they could get rid of all the useless regulations that make business so much harder than it needs to be. Doesn't even cost a single baht.

[Grumpy John]

Mmmm, talking about borrowing money when the government has US$220 billion in foreign reserves.  I am guessing borrowing the money puts interest and fees into banks owned by friends of the government...tell me I am wrong. 

[kevin612]

All these funds go to the rich people, then the rich people will reward them. It’s a win-win situation. The poors will suffer and work hard.

[rasmus5150]

6 hours ago, kevin612 said:

All these funds go to the rich people, then the rich people will reward them. It’s a win-win situation. The poors will suffer and work hard.

The poor will truly suffer.

Now all the relief aid to rice farmers and palm oil producers will be totally gone. There is a severe drought at the moment, and I'm pretty sure the harvest is not gonna be any better than the last couple of years.

Might not be the virus that will kill/hurt the farmers, but the economic aftermath.

I truly hope that I'm wrong

[webfact]

Third phase of stimulus injects Bt1.9 trillion into virus-hit economy

By The Nation

 

 

The Cabinet on Tuesday (April 7) approved the third phase of economic stimulus, worth Bt1.9 trillion, to relieve the impact of the Covid-19 outbreak. 

 

After chairing the Cabinet meeting, Prime Minister Prayut Chan-o-cha revealed that the third set of economic stimulus measures consists of three emergency decrees.

 

The first decree will transfer Bt80 billion to Bt100 billion to the central budget to use as stimulus funds.

 

The second will permit the Bank of Thailand (BOT) to use up to Bt900 billion for moves to boost the economy.

 

The third decree allows the Finance Ministry to borrow up to Bt1 trillion, of which Bt600 billion will be used for cash handouts and public health and Bt400 billion will be spent on economic recovery measures.

 

“In addition, there will be another Bt80 billion to Bt100 billion available after rearranging the budgets of government authorities,” the prime minister said, pointing out that the Covid-19 outbreak is the No 1 national issue.

 

Meanwhile, the BOT will grant Bt500 billion in soft loans at 2 per cent interest to aid the economy, especially small and medium enterprises (SMEs), with credit lines of up to Bt500 million.

 

In addition, the BOT will instruct commercial banks and government financial institutions to allow SMEs with loans not exceeding Bt100 million to postpone principal debt and interest payment for six months.

 

Source: http://www.nationthailand.com/news/30385551?utm_source=homepage_hilight&utm_medium=internal_referral

 

-- © Copyright The Nation Thailand 2020-04-08

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[webfact]

Thai government adds COVID-19 to national agenda

 

 

The Thai government today declared COVID-19 part of the national agenda and agreed to adjust the current fiscal budget, by increasing the Central Fund and procuring additional funding, estimated at one trillion baht, from domestic sources to fight the pandemic and to rehabilitate the heavily damaged economy.

 

Details of the budgetary revamp and the securing of extra funding, mainly from the Bank of Thailand, will be published at a later date, said Prime Minister Prayut Chan-o-cha after the cabinet meeting today. Matters discussed included an increase of the Central Fund by 80-100 billion baht, an executive decree for the management of the Bank of Thailand’s reserve funds, amounting to about 900 billion baht, and another executive decree to allow the Government to secure a one trillion baht loan.

 

The Prime Minister assured that they will not seek the loan from external sources. About 600 billion baht will go towards pandemic-related health care and 400 billion baht to economic rehabilitation.

 

Full story: https://www.thaipbsworld.com/thai-government-adds-covid-19-to-national-agenda/

 

-- © Copyright Thai PBS 2020-04-08

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[Isaan sailor]

16 hours ago, Grumpy John said:

Mmmm, talking about borrowing money when the government has US$220 billion in foreign reserves.  I am guessing borrowing the money puts interest and fees into banks owned by friends of the government...tell me I am wrong. 

This begs the question: how and why did BoT accumulate $220B USD?  

Meanwhile the relentless drip, drip, drip of the USD/Baht appreciation continues...

[Raven2]

The ordinary Thai people really need that money but, alas, I fear they'll never see it.

[justin case]

just re-open the country ... government does not care for anyone

 

so some with weak immune with several other diseases will die, they will die from something else anyway

 

less than 30 deaths but the country and normal life have to stop ?

 

30 deaths on the road each day, and nothing happens ...

 

compare deaths from jan, feb, march 2019 with 2020

 

hardly any more people died .... specially not in thailand with magical numbers

 

or somebody is on a powertrip and forbid everything for everyone

 

that will show them to be humble, right .... when fear is mistaken for respect

 

we all know that money replaced love long time ago in this day & age

[Bangkok Barry]

1 hour ago, justin case said:

less than 30 deaths but the country and normal life have to stop ?

 

30 deaths on the road each day, and nothing happens ...

Funny old world, isn't it.

 

[sammieuk1]

Man the printing presses let's get to work as details of the budgetary revamp and the securing of extra funding is unimportant as long as the Swiss accounts are secure????