Thailand to borrow $1.5 billion from ADB to cope with Covid-19 impact

[webfact]

Thailand to borrow $1.5 billion from ADB to cope with Covid-19 impact

By The Nation

 

 

The Finance Ministry signed an agreement with the Asian Development Bank (ADB) on Monday to secure a loan of US$1.5 billion to help combat the impact of Covid-19.

 

Finance Minister Arkhom Termpittayapaisith said after signing the deal with Hideaki Iwasaki, ADB country director for Thailand, that the loan was part of the country's Bt1-trillion emergency borrowing to combat the impact of the pandemic.

 

He said the ministry had used many tools in fiscal year 2020 to secure domestic loans for funding its three main projects, which are public health projects to solve the outbreak, compensation for those affected by the virus, and economic stimulus packages to revive the economy.

 

He added that many organisations were offering foreign loans to Thailand and the ministry was considering these proposals.

 

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

 

Source: https://www.nationthailand.com/business/30398034

 

-- © Copyright The Nation Thailand 2020-11-16

 

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[ThailandRyan]

I can not help but think, and I am not being sarcastic, but where in hell did the last Trillion or so Baht loan the Government obtained for Covid -19 assistance disappear to already.  That was back in April or  and that was only obtained 6+ months ago.

 

https://www.bloomberg.com/news/articles/2020-04-07/thailand-plans-30-5-billion-in-new-borrowing-for-major-stimulus

or

https://www.reuters.com/article/us-health-coronavirus-thailand-measures-idUSKBN21P0ZJ

 

An excerpt from the first article.

"Thailand plans new borrowing of 1 trillion baht ($30.6 billion) for its latest stimulus package to tackle the economic impact of the coronavirus outbreak.  The package is worth about 1.9 trillion baht overall as it also includes 900 billion baht of steps by the Bank of Thailand, Finance Minister Uttama Savanayana said in a briefing Tuesday in Bangkok"

[Airalee]

58 minutes ago, ThailandRyan said:

but where in hell did the last Trillion or so Baht loan the Government obtained for Covid -19 assistance disappear to already. 

Did they actually borrow it and subsequently spend it or was it more like a line of credit set up?  From the article above...

 

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

[2530Ubon]

58 minutes ago, ThailandRyan said:

I can not help but think, and I am not being sarcastic, but where in hell did the last Trillion or so Baht loan the Government obtained for Covid -19 assistance disappear to already.  That was back in April or  and that was only obtained 6+ months ago.

It's part of the same package, they haven't borrowed all the money yet!

1 hour ago, webfact said:

the loan was part of the country's Bt1-trillion emergency borrowing to combat the impact of the pandemic

 

1 hour ago, webfact said:

the government has already borrowed Bt338 billion out of the proposed Bt1-trillion loan.

the 1.9 trillion INCLUDES 900 billion worth of steps taken by the BOT. The government still have a lot more to borrow and line their own pockets with (i mean, invest...)...

[unamazedloso]

They spent all the money already? Is this to go to newyear handouts? Doomed!!

[Andy from Kent]

 

As long as they don't have to pay it back, why not borrow it?

 

 

[Jwalt]

It seems to me, that there is a family (a couple actually) that has much more than this in their investment and property portfolio. But I understand, words of wisdom and preaching understanding are far more powerful. Delete if you must

[ThailandRyan]

6 minutes ago, Jwalt said:

It seems to me, that there is a family (a couple actually) that has much more than this in their investment and property portfolio. But I understand, words of wisdom and preaching understanding are far more powerful. Delete if you must

Your not saying the one wanting to move from a democracy backwards to an Absolute....., Now that would be nice of that family to assist a certain country wouldn't it.  Might make the people happy like they were years ago.

[ChrisY1]

12 hours ago, ThailandRyan said:

Your not saying the one wanting to move from a democracy backwards to an Absolute....., Now that would be nice of that family to assist a certain country wouldn't it.  Might make the people happy like they were years ago.

No...he's talking about the PM

[Venom]

More borrowing using the tax buffalo as collateral to cope with Covid-19 impact. ????

[Jimbo2014]

Wonder where all the money went?

 

 

[John Drake]

Why didn't they go to China? And watch as the baht goes up on this news.

[ThailandRyan]

The ship has run aground and now there is talk from the finance minister of currency speculation, oh my....as Currency speculation is when investors feel the exchange rate is wrongly valued and so buy/sell currency in the hope of making a profit. 

[Darkside Gray]

What has happened to the mountain of Foreign reserves?

[hotchilli]

18 hours ago, webfact said:

Finance Minister Arkhom Termpittayapaisith said after signing the deal with Hideaki Iwasaki, ADB country director for Thailand, that the loan was part of the country's Bt1-trillion emergency borrowing to combat the impact of the pandemic.

What pandemic?

[hotchilli]

15 minutes ago, Darkside Gray said:

What has happened to the mountain of Foreign reserves?

Gone off-shore?

[ThailandRyan]

Just now, hotchilli said:

What pandemic?

He meant the Governments emergency decree and control of locking the country.  I am 100% sure that's what he meant, wink wink, nudge, nudge....

[ThailandRyan]

2 minutes ago, hotchilli said:

Gone off-shore?

Into personal accounts more or less.  Why not use it, because it is smoke and mirrors.  Not sure if what they supposedly have is really there.

[kiwikeith]

20 hours ago, webfact said:

Thailand to borrow $1.5 billion from ADB to cope with Covid-19 impact

By The Nation

 

 

The Finance Ministry signed an agreement with the Asian Development Bank (ADB) on Monday to secure a loan of US$1.5 billion to help combat the impact of Covid-19.

 

Finance Minister Arkhom Termpittayapaisith said after signing the deal with Hideaki Iwasaki, ADB country director for Thailand, that the loan was part of the country's Bt1-trillion emergency borrowing to combat the impact of the pandemic.

 

He said the ministry had used many tools in fiscal year 2020 to secure domestic loans for funding its three main projects, which are public health projects to solve the outbreak, compensation for those affected by the virus, and economic stimulus packages to revive the economy.

 

He added that many organisations were offering foreign loans to Thailand and the ministry was considering these proposals.

 

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

 

Source: https://www.nationthailand.com/business/30398034

 

-- © Copyright The Nation Thailand 2020-11-16

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

I would gladly pay an airport tax of 1000Bht as probably most people would to cover medical costs for C19 ect. Think of how much that would help LOS