Thailand borrows US$ 1.5 billion from ADB to fight Covid-19

The borrowing is a part of an executive emergency decree empowering the Thailand’s Finance Ministry to seek loans up to one trillion baht ($32 Bln) to combat economic and social problems resulting from COVID-19 .

Finance Minister Arkhom Termpitayapaisith and Hideaki Iwasaki, country director for the Thailand Resident Mission of ADB, signed the contract of the COVID-19 Active Response and Expenditure Support Program worth US$1.5 billion.

Public Debt Management Office director-general Patricia Mongkhonvanit said that the government has already borrowed Bt338 billion out of the proposed Bt1-trillion loan.

The ADB’s program supports the government’s efforts to counter the impacts of the coronavirus disease (COVID-19). With a large tourism sector, strong global supply chain links, and a large base of migrant workers, Thailand’s economy is highly vulnerable to the pandemic.

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Changyong Rhee