Finance Ministry :Thailand not yet in need of IMF foreign reserves assistance

[snoop1130]

 

BANGKOK(NNT)- The Finance Ministry says Thailand has ample international reserves and doesn’t need to use assets allocated by the Special Drawing Rights (SDRs) of the International Monetary Fund (IMF) as yet.

 

Allocations have been made to members of the IMF, including 10 countries in ASEAN. As for Thailand, 4.4 billion US dollars has been allocated, according to the Ministry of Finance.

 

Pisit Puapan, Executive Director of the Bureau of Macroeconomic Policy in the Fiscal Policy Office, an office of the Ministry of Finance, says that the assistance is being made available to IMF member countries during the pandemic. However, as stated by the Bank of Thailand, there’s no need for Thailand to use the allocation at this point, thanks to its high level of international reserves - around two hundred fifty billion USD. The funds offered by the IMF are equivalent to 2% of it.

 

According to the IMF, the Special Drawing Rights (SDRs) provision, is an international reserve asset. The value is linked with 5 currencies, the US Dollar, the Euro, the Chinese Yuan, the British Pound and the Japanese Yen, which member countries can exchange for usable currency of its own. To access such funds, countries must pay interest designated by the IMF.

 

-- © Copyright NNT 2021-09-09

 

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

- Follow ASEAN NOW on LINE for breaking COVID-19 updates

[Sydebolle]

Once they tap that source, they are on the way out - will serve as a farewell gift for a well done job! 

[MrJ2U]

Usually when they make these pronouncements  the inevitable request for SDRs is just around the corner.

 

 

[Will B Good]

Wow! Just mentioning this is a red flag.

 

Bit like the Board have expressing their full support for the football coaching staff....the week before they are all sacked.

[RotBenz8888]

Like a cheap Chinese hotel, a luxury facade, inside its a dump. 

[johng]

15 hours ago, snoop1130 said:

As for Thailand, 4.4 billion US dollars has been allocated, according to the Ministry of Finance.

Why would they need IMF funds  ?  what happened to the billions of dollars Thai foreign currency reserves ?

[bangon04]

Surely Thailand cannot claim to be a poor country......   

[jacko45k]

1 hour ago, bangon04 said:

Surely Thailand cannot claim to be a poor country......   

Not really, but old habits die hard. 

[zzaa09]

1 hour ago, bangon04 said:

Surely Thailand cannot claim to be a poor country......   

Exaggerated claims of course. 

....and don't refer to her as Shirley.