OFFO’s 150bn baht loan gets Cabinet’s approval

[snoop1130]

 

BANGKOK (NNT) - The 150 billion baht loan proposed by the Oil Fuel Fund Office (OFFO) received approval from the Cabinet today. This loan, guaranteed by the Ministry of Finance, is to help relieve the energy price crisis faced by the general public.

 

In the proposal, the office will be taking out several loans in a combined value of 150 billion baht, starting with the first two batches worth 30 billion baht.

 

Other loans worth 120 billion baht will be gradually taken out by OFFO in six batches, from February to July 2023.

 

Government Spokesman Anucha Burapachaisri said the Ministry of Finance will serve as a guarantor.

 

The balance of Thailand’s Oil Fuel Fund stood at negative 125.69 billion baht as of 16 October 2022. The fund spends around 222 million baht daily to help absorb the energy price crisis driven by the prolonged war between Russia and Ukraine, which is expected to cause bigger implications once winter hits.

 

The Thai government says it sees a necessity to help mitigate the financial burden faced by the general public, while the loan approved today is expected to help control retail prices of goods and inflation.

 

Source: https://thainews.prd.go.th/en/news/detail/TCATG221026094401005

 

-- © Copyright NNT 2022-10-26

 

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[worgeordie]

7 minutes ago, snoop1130 said:

while the loan approved today is expected to help control retail prices of goods and inflation.

Doubt it ....

regards worgeordie

[RichardColeman]

13 hours ago, snoop1130 said:

The balance of Thailand’s Oil Fuel Fund stood at negative 125.69 billion baht as of 16 October 2022.

Pretty sure that number is ZERO !

[hotchilli]

17 hours ago, snoop1130 said:

The Thai government says it sees a necessity to help mitigate the financial burden faced by the general public, while the loan approved today is expected to help control retail prices of goods and inflation.

Nice try, inflation will still increase and this fund will go the same way another 50 million did.

Into thin air.