BANGKOK, May 27 (TNA) – Three COVID-19 loan bills face
fierce scrutiny by the opposition parties in the first day of House debate.
Prime Minister Prayut Chan-o-cha government has proposed
three executive decrees for 1.97 billion-baht loans and budget transfer in
order to fund COVID-19 relief and stimulate the economy.
Prayut, in his opening speech, said the pandemic resulted in
1.8 percent contraction of the economy in the first quarter. A state think tank predicted Thailand’s
economy would shrink 5-6 percent this year, he said.
He told the House that these decrees were needed to
stabilize the economy hit by the COVID-19 pandemic. His government would ensure allocations of
the funds would be transparent with a commitment to fiscal discipline.
The loans would increase public debt ratio-to-GDP ratio to
57.96 percent which was under the limit of 60 percent, Prayut said.
One of the decrees will allow a borrowing of 1 trillion baht
for financial aid, health-related plans and economic and social rehabilitation
projects. The other decrees allow the
Bank of Thailand to provide soft loans to help small- and medium-sized
enterprises and to buy corporate bonds.
Cabinet ministers will clarify the bills while the
opposition MPS are expected to scrutinize them before voting on Sunday. (TNA)
