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Bank of Thailand urges government to borrow another B1 trillion

Bank of Thailand urges government to borrow another B1 trillion

BANGKOK: The Bank of Thailand (BoT) is urging the government to borrow an additional B1 trillion to address the severe economic impacts of the COVID-19 pandemic and to boost the country’s long-term growth prospects.

COVID-19economics
By National News Bureau of Thailand

Wednesday 18 August 2021, 05:49PM


Bank of Thailand Governor Sethaput Suthiwartnarueput. Photo: NNT

Bank of Thailand Governor Sethaput Suthiwartnarueput. Photo: NNT

BoT Governor Sethaput Suthiwartnarueput said he considers such state borrowing to be reasonable as the economic impacts of the pandemic are expected to be harder and last longer than the BoT’s earlier assessments and fiscal policy should play a key role in ameliorating lockdown pain and supporting the economy, reported state news agency NNT.

He said the BoT sees it as reasonable to borrow an additional B1tn, as lower household incomes and higher unemployment, caused by the outbreak, are the areas which need fiscal support. Such a move would increase the country’s public debt ratio to 70% of GDP by 2024.

Mr Sethaput also said the government should use additional borrowing to boost economic multipliers, such as the existing co-payment and loan guarantee schemes and other subsidy measures, to provide relief from the hardships of the pandemic.

 

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Gat Huckle | 19 August 2021 - 08:52:48

 Yes, always a good idea to solve a debt problem by taking on massively more debt. Works every time. And who is the lender again? 

Kurt | 19 August 2021 - 01:01:36

Where can the Thai government borrow B 1 trillion now, and may be later a next B 1 trillion?

 

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