BANGKOK, May 5 (TNA) – The Finance Ministry borrows 50 billion yen from the Japan International Cooperation Agency (JICA) under an executive decree allowing it to borrow 500 billion baht to solve economic and social problems resulting from COVID-19.
Finance Minister Arkhom Termpittayapaisith and JICA representative Morita Takahiro signed an agreement on the COVID-19 Crisis Response Emergency Support Loan worth 50 billion yen (about 13.17 billion baht).
The loan is subject to 0.01% interest and has a 15-year repayment period and a four-year grace period. The conditions were standard for the loans that the Japanese government offered to many countries to help them cope with COVID-19 impacts.
The Finance Ministry will spend the loan to support medical and health services for people affected by COVID-19, maintain employment and stimulate the national economy. The loan increased access to long-term and cheap finance in the country and reduced competition for liquidity with the private sector. (TNA)