Cabinet Approves Over 1.4 Trillion Baht in New Borrowing for Fiscal 2022

[webfact]

 

by Paul Rujopakarn

    

BANGKOK (NNT) - The Cabinet this week approved 1.41 trillion baht in new borrowing for the current fiscal year to September, up from its previous plan of 1.36 trillion baht.

 

Deputy Government Spokesperson Rachada Thanadirek explained that the additional debt is part of a broader debt management strategy to reduce public debt to 62.76% of gross domestic product (GDP). This would keep it well below the 70% ceiling.

 

As of February, Thailand’s state debt stood at 60.17 percent of GDP.

 

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She further clarified that the new debt strategy includes a 10 billion baht loan to the national oil fund to keep domestic gasoline prices stable without affecting living expenses.

 

Rachada said the government also intends to spend 29.3 billion baht on restructuring government debt due this fiscal year, which may include international borrowing. The administration would spend another 39.4 billion baht on investment projects.

 

-- © Copyright NNT 2022-04-13

 

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[ThailandRyan]

Borrowing more to stuff their own pockets with, very nice.

[worgeordie]

They are going to need bigger troughs ........????

regards Worgeordie

[JoePai]

the additional debt is part of a broader debt management strategy to reduce public debt 

 

Sorry I do not understand how borrowing more will reduce the debit - anyone ?

[ThailandRyan]

23 minutes ago, JoePai said:

the additional debt is part of a broader debt management strategy to reduce public debt 

 

Sorry I do not understand how borrowing more will reduce the debit - anyone ?

They will reduce what they personally owe by using more of the money to pay of their loans and saddle the people with insurmountable debt like the US has done...

[Photoguy21]

Where is it be borrowed from? China maybe?

[RafPinto]

Buying real estate in NY, London etc.

[Jerno]

The additional debt is to reduce public debt.  What the hell is that? Shell game. Meanwhile there's new borrowed money to by Military more useless toys.

[hotchilli]

4 hours ago, ThailandRyan said:

Borrowing more to stuff their own pockets with, very nice.

I'm sure it will all be used wisely...

[Oblomov]

In the week that Sri Lanka is seeking to default on international debt (mostly owed to China as always and also as always for grandiose infrastructure that may never be cost effective or even useful) and what was the Chinese response to debt cancellation - sorry you cannot default but you can borrow more to keep paying the debt.

 

So now Thailand mimics a failed model by borrowing more to 'manage its debt.'  In old language, that simply means kicking the can down the road.. Let's hope they don't collapse into the panic of recent years when something crops up down that road.

 

All nations (mostly poorer nations) should stop getting tangled up with predatory China. I'm sure China has  got some very unpleasant motives for shackling poor countries  to it by huge amounts of unpayable debt - on what do they secure this largesse? Not goodwill that's for sure.

[Cake Monster]

5 hours ago, webfact said:

Deputy Government Spokesperson Rachada Thanadirek explained that the additional debt is part of a broader debt management strategy to reduce public debt to 62.76% of gross domestic product (GDP). This would keep it well below the 70% ceiling.

????

Smoke and Mirrors