Thailand earmarks further $15 billion for coronavirus crisis

 

FILE PHOTO: A man wearing a protective face mask walks, during the spread of coronavirus disease (COVID-19), in Bangkok, Thailand March 29, 2020. REUTERS/Jorge Silva

 

BANGKOK (Reuters) - Thailand’s new stimulus package to alleviate the impact of the coronavirus crisis will be worth more than 500 billion baht ($15.3 billion), its finance minister said on Monday.

 

It has already introduced two packages, the first to inject 400 billion baht into the economy and the second, worth 117 billion baht, to include cash handouts.

 

The latest is being worked on by the finance ministry, the central bank and relevant agencies, Uttama Savanayana said.

 

“We can’t tell the size yet as we are working on it. But it should be bigger than earlier two packages combined,” he told a news conference, adding: “We will try to do it quickly.”

 

Southeast Asia’s second-largest economy has been hit hard by the coronavirus pandemic as it is heavily reliant on exports and tourism. It has reported 1,524 cases of coronavirus and nine deaths as a result of the outbreak.

 

Thailand’s central bank expects the economy to contract 5.3% this year, which will mark the first shrinkage since the global financial crisis in 2009.

 

Uttama said Thailand has no plans to borrow from the International Monetary Fund (IMF) as its fiscal position is strong and it is able to tap other funding sources, including the fiscal budget.

 

Thailand’s Deputy Prime Minister Somkid Jatusripitak said last week that the government was ready to issue a decree to borrow if necessary.

 

-- © Copyright Reuters 2020-03-30

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That money tree must be getting pretty thin giving away all this money

and i bet you will not see a single mask anywhere being given out for free.

I hope the government gives out the money to individuals over age 18 without any requirements. Thai people are poor, just help your people.

able to tap other funding sources...like Visa Extension?

2 hours ago, snoop1130 said:

Thailand’s Deputy Prime Minister Somkid Jatusripitak said last week that the government was ready to issue a decree to borrow if necessary.

Why go to the IMF for a loan. Sure China is offering better rates. Might have to give them a deep sea port in the future but hey why not.

2 hours ago, ozz1 said:

That money tree must be getting pretty thin giving away all this money

Amazing how many "magical money trees" can be found in the woods, when push comes to a shove. And I always believed nice Mrs May's words that austerity was necessary and not an option, as "There is no Magical Money Tree!". Perhaps someone has learned how to clone them? No talk, of course, about who eventually pays for said proliferation of MMT's and when the bill will be due....????

"to inject 400 billion baht into the economy"

 

Wonder who's economy?

More money for the depleted trough.

Why not draw down your world-beating USD reserves?  We know who gave it to you, and they won’t mind.

15 hours ago, snoop1130 said:

Thailand’s Deputy Prime Minister Somkid Jatusripitak said last week that the government was ready to issue a decree to borrow if necessary.

Of course you are. ???????????? 

13 hours ago, dinsdale said:

Why go to the IMF for a loan. Sure China is offering better rates. Might have to give them a deep sea port in the future but hey why not.

Yes, the same Reuters had another article on hidden/secret debts from CCP China to many emerging countries, even when they need bailing out by IMF/World bank, they are closely tied to non-disclosure agreements with CCP, that doesn’t allow them to say, how much they have borrowed, something else more greedier and creepier is going on with these gangsters, tied in with the control freaks and lying stooges at the communist party of China 

Edited March 31, 20206 yr by humbug

22 minutes ago, Isaan sailor said:

Why not draw down your world-beating USD reserves?  We know who gave it to you, and they won’t mind.

Yes, there is going on with these gangsters and the twisted communist party of China, and these US Dollar reserves

Just now, humbug said:

Yes, there is going on with these gangsters and the twisted communist party of China, and these US Dollar reserves

All part of the plan.

14 hours ago, plachon said:

Amazing how many "magical money trees" can be found in the woods, when push comes to a shove. And I always believed nice Mrs May's words that austerity was necessary and not an option, as "There is no Magical Money Tree!". Perhaps someone has learned how to clone them? No talk, of course, about who eventually pays for said proliferation of MMT's and when the bill will be due....????

Money grows on trees but only certain people can seem to harvest it

Printing money and handing it out does not create goods or services.  All it does is make existing goods and services more expensive.  

 

If this would actually work, why would every country not do it all the time?

On 3/30/2020 at 7:55 PM, kevin612 said:

I hope the government gives out the money to individuals over age 18 without any requirements. Thai people are poor, just help your people.

My staff has stable jobs and good salaries. They certainly do not need a handout, and it would be better to give it to those who genuinely do.