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.