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Thai cabinet approves $12.5 billion spending plan to help virus-hit economy

 

FILE PHOTO: People in protective masks, who are affected by the government's measures against the coronavirus disease (COVID-19) queue to grab free foods in a food pantry installed by people who want to donate at a community in Bangkok, Thailand, May 11, 2020. REUTERS/Athit Perawongmetha

 

BANGKOK (Reuters) - Thailand's cabinet approved on Tuesday a plan to spend 400 billion baht ($12.45 billion) to create jobs and strengthen southeast Asia's second-largest economy, which appears headed for recession because of the coronavirus pandemic.

 

The plan is part of a larger package of measures worth 1.9 trillion baht as Thailand's central bank has warned the economy could contract 5.3% this year for its worst shrinkage since the 1997-98 Asian financial crisis.

 

"We will try to get the money into the system in July or the third quarter of this year," Thosaporn Sirisumphand, secretary general of state planning agency, the National Economic and Social Development Council, told a briefing.

 

The government will not focus on boosting quick economic growth but rather on ensuring security and sustainability, he added.

 

Last week, Deputy Prime Minister Somkid Jatusripitak said the government planned spending to help lift community activity and aid jobless workers to return to the farm sector.

 

Up to 10 million people, or 26% of the total workforce, may lose their jobs due to outbreak, the Thai Chamber of Commerce says.

 

Thailand reported two virus infections but no deaths on Tuesday, taking its tally to 3,017 and 56 deaths since its outbreak started in January.

 

-- © Copyright Reuters 2020-05-12

 

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[ThailandRyan]

Sounds like the government wants the people to go back to farming now. Not sure they are thinking about how the drought has affected this.....Definitely does not look like they believe Tourism will be back before the end of the year or sometime next year if they are pumping this kind of money into the provinces...

[Grumpy John]

400 billion if spent wisely maybe enough.....as long as the skim is not to greedy.  But I'll wait and see before I  get to excited! 

[Isaan sailor]

So if Wuhan virus strikes all countries equally with sickness, death, job losses, stock losses etc.—why does the Thai Baht keep rising, while most every other currency falls?

[spidermike007]

This time around, I suggest that people only be required to show up with a Thai ID card, to get benefits. The last handout was surly, cruel, and short sided. Over 80% of needy Thais were rejected for one reason or another. People are getting crushed by this experiment in insanity, the shuttering of the economy. Never been done before in recorded history. For good reasons! 

[DirtyHarry55]

First they need to set up many committees to decide what to spend it all on.
Maybe more Factories for the The Eastern Seaboard Plan and doing this under SOE would help bypass any checks.

[worgeordie]

Has anyone looked in the vaults to see if there's any money left,

the purchase of weapons of war,throwing money at any problem,

the piles of money must be going down fast

regards Worgeordie

 

[Cake Monster]

More " Chip Shop Sham " schemes to come

[yourauntbob]

As stated many times, its not a virus hit economy.  Its a government overreaction/overreach hit economy.   

[essox essox]

is this CORRECT 12.5 BILLION US DOLLARS ????

again MUST be false reporting/FAKE NEWS....

How come many days ago the BIG BOSS was asking for donations FROM BILLIONAIRES....and he got NO response.....now all of a sudden there is ALL THIS MONEY AVAILABLE...

VERY VERY STRANGE !!!!

[taninthai]

They can’t even sort out the 2000 bht refund for electric meters ,,,,the 400 billion is only part off the 1.9 trillion total plan????????????????????.....I think they just like talking ridiculous figures,surely you could completely re invent thailand and clear poverty with 1.9 trillion.

Edited May 15, 2020 by taninthai