Trillion baht loan not needed had there not been a COVID-19 pandemic – PM

[rooster59]

Trillion baht loan not needed had there not been a COVID-19 pandemic – PM

 

 

Thailand’s Prime Minister, Prayut Chan-o-cha, responded to Opposition claims today that his government has mismanaged the country’s economy, to the extent that it now must borrow 1.9 trillion baht, approximately US$9.8 billion, to cushion the economic impacts of the COVID-19 pandemic.

 

Responding to the criticism in Parliament, the Prime Minister clarified that only one trillion baht is to be borrowed by the Finance Ministry, and the remaining 900 billion baht are Bank of Thailand reserves, adding that the Government would not need to borrow so much if the global pandemic had not hit so hard.

 

He said that, for the past five years, the Government has been working hard to improve the country’s economy, which had already been impacted by a trade war between the United States and China before COVID-19 emerged.

 

Full story: https://www.thaipbsworld.com/trillion-baht-loan-not-needed-had-there-not-been-a-covid-19-pandemic-pm/

 

-- © Copyright Thai PBS 2020-05-31

 

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[mr mr]

shame on those of you who have any doubt in this great mans intentions. 

[bodga]

11 minutes ago, rooster59 said:

Government would not need to borrow so much if the global pandemic had not hit so hard.

I don't  see it's hit  Thailand that hard  at  all.

[YetAnother]

11 minutes ago, rooster59 said:

adding that the Government would not need to borrow so much if the global pandemic had not hit so hard.

excuse after excuse ; and that guy is SO Bright !

[smedly]

there will of course be full transparency and public accounts made available for full scrutiny of where this huge sum of money went

 

I'm already thinking about the aftermath as they try to pay it back

 

I predicted some time ago that the Thai economy would implode - I'm getting very confident we will see a 1997 style meltdown very soon

[colinneil]

53 minutes ago, rooster59 said:

e said that, for the past five years, the Government has been working hard to improve the country’s economy,

Is that man serious?

For the last 5 years the crowd supposedly running the country, have done nothing but top up their very LARGE bank accounts.

 

[madmitch]

The "trade war" betwen the USA and China is often quoted as a reason for the Thai economy contracting. I've never worked out why. Are there any economists out there that can explain this?

[canopus1969]

1 minute ago, madmitch said:

The "trade war" betwen the USA and China is often quoted as a reason for the Thai economy contracting. I've never worked out why. Are there any economists out there that can explain this?

Not just the Thai economy - all the world is suffering because of the USA and China

[Susco]

59 minutes ago, rooster59 said:

the Government has been working hard to improve the country’s economy, which had already been impacted by a trade war between the United States and China

 

And I thought the trade war was a positive for Thailand, because now everybody wanted to do business with Thailand instead of China, and manufacturers were moving amass from China to Thailand.

 

1 hour ago, rooster59 said:

adding that the Government would not need to borrow so much if the global pandemic had not hit so hard.

 

Yes I agree, 3000 infections and 57 deaths out of a 70 Million population, isn't nothing if you compare that to what happened in the rest of the world.

[stephenterry]

4 minutes ago, madmitch said:

The "trade war" betwen the USA and China is often quoted as a reason for the Thai economy contracting. I've never worked out why. Are there any economists out there that can explain this?

I would suggest that the US/China trading tariffs uncertainty is the driver of dips in the economy, as imported goods to Thailand from these countries could have a higher tariff rate imposed. 

[Bender Rodriguez]

57 death people is a pandemic ?

 

you and your fake puppet experts crashed the economy for a 0.2 percent death rate among SICK people

 

let's wait for the 2nd wave, 3rd... let's lockdown for ever and be scared of other people

[stephenterry]

The PM isn't fit for the post of PM to use inane excuses to wheedle his way out of any government criticism- as is Boris Johnson and Trump's mismanagement of the Covis 19 virus. 

 

Borrowing US$9.8 billion is peanuts on the global stage. UK borrowed £62 billion (US$76.5 billion) in April 2020.

 

[Brunolem]

First, 1.9 trillion baht is not 9.8 billion dollars, even approximately, but closer to 60 billion dollars!

 

This is a huge amount of money for Thailand, and it is incredible that there is not even a draft explaining where all this money is supposed to go.

 

Maybe they plan to build a beautiful wall along the Thai coastline, to keep the second wave from infecting the country...

[DirtyHarry55]

Problem is people know they won't see much of it they are still queuing for charity food handouts and having to sell there personal belongings to survive.

 

[RichardColeman]

4 hours ago, rooster59 said:

Thailand’s Prime Minister, Prayut Chan-o-cha, responded to Opposition claims today that his government has mismanaged the country’s economy, to the extent that it now must borrow 1.9 trillion baht, approximately US$9.8 billion, to cushion the economic impacts of the COVID-19 pandemic.

Or put another way 1,900,000,000,000 baht borrowed for two days of road deaths

[fruitman]

4 hours ago, bodga said:

I don't  see it's hit  Thailand that hard  at  all.

Tourism is totally down now but you don't see it?

[fruitman]

3 hours ago, madmitch said:

The "trade war" betwen the USA and China is often quoted as a reason for the Thai economy contracting. I've never worked out why. Are there any economists out there that can explain this?

In fact because of the trade war many Western companies are willing to move out of china and into Thailand (or another asian country).

But yeah the tradewar is bad for China so they have less to spend on holidays and Thailand was one of their top destinations.

[stephenterry]

4 hours ago, Brunolem said:

First, 1.9 trillion baht is not 9.8 billion dollars, even approximately, but closer to 60 billion dollars!

 

This is a huge amount of money for Thailand, and it is incredible that there is not even a draft explaining where all this money is supposed to go.

 

Maybe they plan to build a beautiful wall along the Thai coastline, to keep the second wave from infecting the country...

Yeah, that's right. Where the hell did they get their figures from? I suspect it will be used to plug the tourist hole income deficit.  

[Justgrazing]

6 hours ago, rooster59 said:

 

He said that, for the past five years, the Government has been working hard to improve the country’s economy, which had already been impacted by a trade war between the United States and China before COVID-19 emerged

Best decide who your gonna jump in bed with then as Trump is getting proper wound up by China threatening all sorts of sanctions going forward and poor little Thailand is gonna get caught between them like sugar cane going through the masher .. 

[PatOngo]

Fodder for the trough! Oink Oink!

[hotchilli]

7 hours ago, rooster59 said:

Responding to the criticism in Parliament, the Prime Minister clarified that only one trillion baht is to be borrowed by the Finance Ministry, and the remaining 900 billion baht are Bank of Thailand reserves, adding that the Government would not need to borrow so much if the global pandemic had not hit so hard.

I thought Thailand had escaped the worst of it??

So why does it need to borrow so much?

[metisdead]

A post using a disallowed trolling reference to the PM has been removed. 

[ubon farang]

Just need to top a few bank accounts then all will be sweet. Meaanwhile keep suffering Thailand Trans parency they dont even know the meaning of the word

[Trillian]

6 hours ago, Brunolem said:

First, 1.9 trillion baht is not 9.8 billion dollars, even approximately, but closer to 60 billion dollars!

 

This is a huge amount of money for Thailand, and it is incredible that there is not even a draft explaining where all this money is supposed to go.

 

Maybe they plan to build a beautiful wall along the Thai coastline, to keep the second wave from infecting the country...

Most of the newspapers have reported how government intends to spend the money:

 

600 bill. towards health care costs including the 5,000 Baht per month handouts.

400 bill. towards economic and social rehab. aimed at creating new jobs.

500 bill. in soft loans at 2% to businesses.

400 bill. to the Corporate Bond Liquidity Stabilization Fund, (BSF).

 

In addition to the above the annual budget that was recently approved and partially distributed will be revamped and a a further 100 bill. allocated to relief measure.

 

I understand this site doesn't allow quotes from the Bangkok paper but if you care to do a quick search the information is out there dated 7 April.

[Brunolem]

27 minutes ago, Trillian said:

Most of the newspapers have reported how government intends to spend the money:

 

600 bill. towards health care costs including the 5,000 Baht per month handouts.

400 bill. towards economic and social rehab. aimed at creating new jobs.

500 bill. in soft loans at 2% to businesses.

400 bill. to the Corporate Bond Liquidity Stabilization Fund, (BSF).

 

In addition to the above the annual budget that was recently approved and partially distributed will be revamped and a a further 100 bill. allocated to relief measure.

 

I understand this site doesn't allow quotes from the Bangkok paper but if you care to do a quick search the information is out there dated 7 April.

7 April???

[Trillian]

19 minutes ago, Brunolem said:

7 April???

Yes, 2020! I can't read it for you, the article describes what I posted as part of Cabinet approval. Here's another link that I can post, dated the same date: https://www.bloombergquint.com/markets/thailand-plans-30-5-billion-in-new-borrowing-for-major-stimulus

 

 

Edited May 31, 2020 by Trillian

[mrfill]

8 hours ago, Brunolem said:

First, 1.9 trillion baht is not 9.8 billion dollars, even approximately, but closer to 60 billion dollars!

 

This is a huge amount of money for Thailand, and it is incredible that there is not even a draft explaining where all this money is supposed to go.

 

Maybe they plan to build a beautiful wall along the Thai coastline, to keep the second wave from infecting the country...

Perhaps its the proposed new exchange rate - 193.88 to the $

[sead]

That account must have been really empty from the start or what do you think.... 

[Eric Loh]

Slashed the fats off the defence budget and retrieved the military off-budget will definitely reduced the loan amount. The non fighting military is spending too much on unnecessary hardware and bloated staffs. Confiscate some of their land and put them for public sales will generate much needed income.