Thailand Passes $58 Billion Economic Support Package Amid Pandemic

  • 4 months   ago
Thailand Passes $58 Billion Economic Support Package Amid Pandemic
As of May 31, Thailand’s parliament reportedly passed a 1.9 trillion baht ($58 billion) economic stimulus package to provide support to the vulnerable population amid the coronavirus pandemic. Thailand’s government listed out a plan to borrow 1 trillion baht and central bank measures worth another 900 billion baht in soft loans and support for corporate bonds among the three bills it passed in the legislature.  
The bill, which is expected to be approved by the upper house Senate in early July after the commencement, would help the administration in the recovery of the economy in shackles due to the pandemic and looming recession, as per the reports. Of the total 1 trillion baht of borrowing, over 600 billion baht will be utilized for the relief from the pandemic and healthcare, while the remaining will be used towards the job creation and uplifting the economy. As of June 1, the country would begin to resume businesses as a part of the third leg of four-stage easing of its lockdown, officials announced in a statement. Further, the country would ease restrictions in order to kickstart the economy.  
Emergency decree expires on May 31
Earlier, Thailand announced that it was extending the overseas air travel ban for at least a month, as per media reports. The ban on international passenger flights would last till June 30 in an attempt to contain the spread of COVID-19 via travelling. The announcement comes after the country saw a spike in newer infection, although in a single digit. TheThailand government announced on Twitter that it will extend the national emergency decree that expires on May 31 until June 30 in order to contain the spread of the disease. Meanwhile, the government allowed malls to reopen from May 17 onwards and also decided to shorten night-time curfew by one hour, as per the reports.