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Public debt to total B2.89trn in fiscal 2022

Public debt to total B2.89trn in fiscal 2022

BANGKOK: The Cabinet has approved the public debt management plan, which includes a new borrowing of B1.34 trillion for fiscal year 2022, starting in October.

By The Phuket News

Friday 1 October 2021, 10:15AM

Photo: NNT

Photo: NNT

Deputy government spokeswoman Rachada Dhnadirek said the public debt management plan also includes a plan to manage existing debt, worth B1.55trn, along with a plan to repay debt worth B339 billion in fiscal 2022, reports state news agency NBT.

She said the plan covers the state borrowing used for various purposes, including to compensate for a budget deficit; additional loans under the emergency loan decree in 2021; borrowing to finance investment projects of the state and state-owned enterprises, such as the double-track rail system, the third phase of Suvarnabhumi airport, the improvement of the electricity grid and debt restructuring of government agencies.

Ms Rachada cited the Finance Ministry’s report that investments under the public debt management plan in fiscal 2022 will help boost the economy and support economic recovery, after the COVID-19 situation improves.

Under the debt plan, public debt is expected to reach 62.6% of GDP in the 2022 fiscal year.

Meanwhile, the economic committee of the Center for COVID-19 Situation Administration (CCSA) has given its stamp of approval to a program supporting employment among SMEs and a scheme to reopen the nation to tourism, reported sister state news agency NNT.

Prime Minister Gen Prayut Chan-o-cha chaired the fourth meeting of 2021 of the CCSA’s economic body via video conference, stating that economic and tourism stimulation must be continuous and address the needs of the private sector.

He underlined that the government needs new revenue streams and called for a focus on quality tourism and safe travel within the country, noting that his visits with the public have revealed that many groups are in need of aid on matters such as household debt, skilled labour or even outdated laws that are restricting progress.

Acknowledging that the post COVID-19 world will be one of high competition, he asked all state agencies to move beyond simple compensation and financial relief to more beneficial development aimed at self-sufficiency.

The PM said he wants to see a complete transformation of the nation and explained that government programs to do with basic and digital infrastructure are not about achieving short term results but long term sustainability.

The meeting went on to approve in principle a programme to maintain employment among SMEs and an approach to reopening international tourism in the nation with adherence to government policies. The latter scheme envisions Phuket as a world class destination and involves the “Visit Thailand 2022, Now Even More Amazing Thailand Has It All” campaign.

Following the meeting, the PM said that his administration is committed to remedying economic problems as well as the current flood problem to alleviate the burden on the public, outlining programs to do with employment, business rehabilitation, credit provision and debt suspensions as well as travel projects such as the Phuket Sandbox, which has returned some revenue to the country.

He indicated the state’s focus is on maintaining employment and creating new jobs to address both unemployment and vacancies in industries. While accepting the need for foreign labourers, he said he also wants Thai nationals to have work, especially in modern factories.

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