The King has officially approved laws that will implement measures worth 1.9 trillion baht in an effort to tackle the economic struggle left in the wake of the coronavirus pandemic.
The laws were published in the Royal Gazette on Sunday, a process that makes any announcement official in Thailand.
According to the announcement, the Thai Government will be allowed to borrow a sum of one trillion baht that will go towards supporting the public health sector and creating jobs for the millions of unemployed Thais since the outbreak of the virus.
The plan also allows the Bank of Thailand to lend small businesses around the country 500 million baht and allocates 400 million baht to the corporate debt market.
This year, Thailand is on course to lose 1.3 trillion baht due to the coronavirus pandemic. Most of the loss is coming from the tourism sector which has been hit the hardest.
The Thai economy is expected to contract by approximately 5.3 percent this year, leading to trillions of baht in stimulus measures being rolled out to cope with the impact of covid-19.
Source: Reuters | Photo: Reuters