Thai parliament approves 500 billion baht borrowing to fight COVID-19

[snoop1130]

 

Thailand’s House of Representatives approved an executive decree today (Thursday), authorizing the Finance Ministry to borrow up to 500 billion baht for the fight against COVID-19, assistance for people affected by the disease and for economic rehabilitation.

 

The decree passed the first reading in the House, after two days of debate, with 270 votes in favour and 196 against, with one abstention and two who refused to vote. The loan is divided into 30 billion baht for the Ministry of Public Health, for its efforts to contain the pandemic, 300 billion baht for the rehabilitation of people affected by the pandemic and 170 billion baht for business rehabilitation.

 

Finance Minister Arkhom Termpittayapaisith told MPs that, since the first wave of the pandemic last year, the government has rolled out several economic stimulus packages to help the people, at the grass roots level in particular, and businesses, in order to boost domestic consumption and to keep the economy running.

 

Full Story: https://www.thaipbsworld.com/thai-parliament-approves-500-billion-baht-borrowing-to-fight-covid-19/

 

-- © Copyright Thai PBS 2021-06-10

 

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[timberpond]

After funnel or before funnel?

[ThailandRyan]

Wait, I thought the debate was for 16 billion not 500 billion. Reviewed and apparently it's $16 billion USD or 498,720,000 billion.  Where did the rest come from and where is it going too.

 

https://www.reuters.com/article/thailand-economy-borrowing/update-1-thai-king-approves-16-bln-borrowing-bill-for-covid-19-response-idUSL2N2NC0EK

Edited June 10, 2021 by ThailandRyan

[MasterBaker]

feels like Thailand is the richest country in the world with the endless pockets. and baht is still very strong... hmm

[Rookiescot]

Hold on what about the huge reserves of foreign capital that the central bank holds. This is after all the basis upon which the baht remains so high.

Oh and who will they be borrowing the money from? China?

[hotchilli]

15 hours ago, snoop1130 said:

Thailand’s House of Representatives approved an executive decree today (Thursday), authorizing the Finance Ministry to borrow up to 500 billion baht for the fight against COVID-19, assistance for people affected by the disease and for economic rehabilitation.

Does the borrowing ever stop?

I wonder where all this money is actually coming from?

[hotchilli]

15 hours ago, ThailandRyan said:

Wait, I thought the debate was for 16 billion not 500 billion. Reviewed and apparently it's $16 billion USD or 498,720,000 billion.  Where did the rest come from and where is it going too.

 

https://www.reuters.com/article/thailand-economy-borrowing/update-1-thai-king-approves-16-bln-borrowing-bill-for-covid-19-response-idUSL2N2NC0EK

 

[chalawaan]

Borrowed from a dead friend?

[Eric Loh]

What's the tally on debt borrowing today. With this latest 500 B borrowing on top of similar package last year for 1 trillion B borrowing and the budget deficits last 2 years and most likely this year; it is a run away train of borrowings at the level that revenues will not meet for a long long time. Factored in the inert and ineffective monitoring and watchdog agencies, this government will have a field day in 'dispensing' this cash hoard. This junta government will run the country into the ground that will be felt by future generations.

[vandeventer]

4 hours ago, Rookiescot said:

Hold on what about the huge reserves of foreign capital that the central bank holds. This is after all the basis upon which the baht remains so high.

Oh and who will they be borrowing the money from? China?

If it's borrowed from China, the next thing we might see is the Chinese Army coming down the street. That's if they don't pay it back.

[sead]

Loan coming groom the inner circle ofcourse. The richer gets richer.