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Government accepts Japan loan of B13.2bn

BANGKOK: Finance Minister Arkhom Termpittayapaisith has signed a loan agreement worth 50 billion yen (B13.2bn) with the Japan International Cooperation Agency to bolster the nation’s COVID-19 emergency response.

CoronavirusCOVID-19healtheconomicsmilitary
By Bangkok Post

Thursday 5 May 2022, 10:45AM


Prime Minister Prayut Chan-ocha and his Japanese counterpart Fumio Kishida walk past a guard of honour at Government House on Monday (May 2) before holding talks to bolster cooperation between the two nations. Photo: Chanat Katanyu

Prime Minister Prayut Chan-ocha and his Japanese counterpart Fumio Kishida walk past a guard of honour at Government House on Monday (May 2) before holding talks to bolster cooperation between the two nations. Photo: Chanat Katanyu

The agreement was signed at the Finance Ministry on Tuesday (May 3) by Mr Arkhom and the chief representative of Jica’s Thailand office, Morita Takahiro, reports the Bangkok Post.

According to the agreement, the loan is to be repaid within 15 years - plus a four-year grace period - with the interest set at 0.01%.

The loan is intended to boost Thailand’s public health capacity, help fund COVID-19 treatment and ease the economic pressure on citizens.

It was signed after Mr Arkhom exchanged diplomatic notes with Japan’s ambassador to Thailand on Monday.

The loan will boost relations between both countries and support the recovery of the economy, the source said.

Meanwhile, a Thai-Japanese joint committee will be formed to oversee a new defence agreement signed on Monday, according to Arjaree Sriratanaban, director-general of the Foreign Ministry’s East Asian Affairs Department.

The agreement will enable the transfer of defence hardware and technology from Japan to Thailand.

Ms Arjaree said the agreement will form the framework for equipment and technology transfers, as it outlined procedures and highlighted issues which need to be considered in such transfers.

“As for the details on what kind of weapons [Japan] is going to transfer, they will be discussed at a future date,” she said.

“This agreement is a step forward in promoting defence cooperation and investment, as Thailand is keen to further develop the sector,” she said.

The agreement had been discussed for over five years and Japan had concluded similar agreements with the Philippines, Vietnam, Malaysia and Indonesia.

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Timothy | 06 May 2022 - 09:16:40

The Junta is buying the submarines, with or without engines. They want to spend billions on F35's. They are talking about giving hotel owners tons of cash.....But they have to borrow money from Japan? These criminals are going to leave the country completely broke. If it isn't already. 

Kurt | 06 May 2022 - 07:22:44

@Ash Ward, yes, you are right. However there are 'debts' and 'debts'. Some countries have more restrictive 'debt' rules than other.  From Thai friends Card records I don't notice any Credit card control.Here the banks/credit card companies are more focussed on monthly interest earnings of the 'debts'. Is good money making business.

Ash Ward | 05 May 2022 - 19:05:47

Kurt, credit card debt happens in many countries including America and Australia. Interest rates are on the way up.

Kurt | 05 May 2022 - 13:24:55

Thai and money. Thousands of Thai ( including 'educated' teachers) have credit cards debts until their nose. Never be able to pay back, just try to handle monthly high interest rates obligations. Thai Banks love it. However, financial infrastructural, Thai are just filling one financial hole with another. It's culture. Sure the clever Japanese know how handle/shuffle this to benefit fr...

Kurt | 05 May 2022 - 12:59:52

@Nasa12, good question. Well, with selling a rosy garden that not exists, ultimately they get confronted with the saying that: "The truth has longer legs than the lie". Perhaps thai regiem comes to point putting all it's eggs in communist baskets is not the future. Look at Thai behavior during WW2, they easy switch 'partnership'. Thailand is opportunistic. Just debts covering...

christysweet | 05 May 2022 - 12:58:00

My comment is self censored as it is flagrant violation of lese-majeste. Suffice to say Thailand should lose it's UN status until Article 112 is rescinded in full. Incarceration over speech is beyond  human rights violations on par with despotic regimes all over the planet. 

Kakka2 | 05 May 2022 - 11:53:08

oh dear.. 

Nasa12 | 05 May 2022 - 11:18:04

Sorry for asking a stupid question. Why does the country need a loan when Thai’s keep being told everything in the garden is rosy?

 

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