Finance Min explains 500 B Baht loan

[webfact]

 

By Praphorn Praphornkul

   

BANGKOK (NNT) - The Minister of Finance has addressed concerns expressed about the government’s securing of a 500-billion-baht loan under the second COVID-19 Loan Act.

 

Minister of Finance Arkhom Termpittayapaisith, explained today that the latest wave of COVID-19 infections has significantly impacted the nation’s economic recovery and government economic activities, necessitating the injection of 500 billion baht to ensure continuity of remedial measures.

 

The loan is to be divided into three areas of expenditure. A sum of 30 billion baht is to be dedicated to public health in direct response to COVID-19. Another 300 billion baht is to prop up citizens affected by the pandemic and 170 billion baht will go to economic and social rehabilitation. The Cabinet is empowered to re-distribute the three sums in accordance with circumstances.

 

The minister further explained that 1 trillion baht secured by the first COVID-19 Loan Act has been allocated by the Cabinet, saying that as of May 21, 287 projects worth a combined 817.223 billion baht have been given a greenlight.

 

The Ministry of Finance, empowered by the legislation, has acquired 703.841 billion baht and expended 680.099 billion baht, or 83.22 percent of the sum.

 

The allotment can be divided into three areas. The first is 45 billion baht for public health expenses, of which 25.825 has been expended and 19.174 billion baht has been earmarked for the purchase of pharmaceuticals and medical equipment as well as the setting up of medical facilities and paying medical staff.

 

The second is 685 billion baht authorized for public aid, of which 662.243 billion baht has been distributed among different assistance projects providing aid to over 40 million people.

 

The third is 270 billion baht aimed at economic stability, including the maintenance of employment, investment and consumption, of which 125 billion baht has been spent. Overall, 144.84 billion baht from the initial legislation can still be tapped.

 

Public Debt Management Office Director Patricia Mongkhonvanit, gave her assurance that the 500-billion-baht loan taken out by the administration will be spent effectively, indicating that only necessary expenditure will be approved and only actual costs will be covered. The sum is to be dispersed thoughtfully rather than expended all at once.

 

-- © Copyright NNT 2021-05-27

 

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[RichardColeman]

One can only hope that all this borrowing will lead to Thailand opening up sensibly sooner rather than later to get it all back again

[lujanit]

The swill cup runneth over.

[herfiehandbag]

Finance Min explains 500 B Baht loan:

 

We haven't any money, and we need the cash...

[hotchilli]

5 hours ago, webfact said:

The loan is to be divided into three areas of expenditure. A sum of 30 billion baht is to be dedicated to public health in direct response to COVID-19. Another 300 billion baht is to prop up citizens affected by the pandemic and 170 billion baht will go to economic and social rehabilitation. The Cabinet is empowered to re-distribute the three sums in accordance with circumstances.

500 billion baht loan... 30 billion to go towards public health response to Covid... Hmmm

470 billion to be shared out.

[hotchilli]

3 hours ago, lujanit said:

The swill cup runneth over.

Not for long, it will get drained again.

[crazykopite]

Sell those rusty submarines back to China 

[Venom]

6 hours ago, webfact said:

Public Debt Management Office Director Patricia Mongkhonvanit, gave her assurance that the 500-billion-baht loan taken out by the administration will be spent effectively, indicating that only necessary expenditure will be approved and only actual costs will be covered. The sum is to be dispersed thoughtfully rather than expended all at once.

...????????????

[metisdead]

A post using ALL CAPS has been removed,  please turn off your Caps Lock when posting. 

[Jimbo2014]

Quick Math.... thats 242 USD per person.  Vaccines go at 30 dollars a person.  Seems it may have been a good idea to focus on the cheaper option some months back.