Cabinet approves B1.4 trn in new borrowing for 2022 fiscal year

Cabinet approves B1.4 trn in new borrowing for 2022 fiscal year

People shop at a market in Taling Chan district of Bangkok on Jan 17, 2021. The government plans to increase borrowing to shore up the economy. (Photo: Varuth Hirunyatheb)
People shop at a market in Taling Chan district of Bangkok on Jan 17, 2021. The government plans to increase borrowing to shore up the economy. (Photo: Varuth Hirunyatheb)

The cabinet on Tuesday approved new borrowing of 1.41 trillion baht in the current fiscal year to September, up from a previous plan of 1.36 trillion baht, a deputy government spokesperson said.

The new debt is part of a wider debt management plan in the fiscal year, which will bring public debt to 62.76% of gross domestic product, still below the 70% limit, Rachada Dhnadirek told a news conference. 

Thailand's public debt was at 60.17% of GDP as of February.

The new debt plan includes 10 billion baht of borrowing for the state oil fund to stabilise domestic fuel prices at a level that does no impact living costs, she said.

It also plans some 29.3 billion baht for a restructuring of government debt due in the fiscal year, which includes possible foreign borrowing, and another 39.4 billion baht for investment projects, Rachada said.

The cabinet also approved an investment of 15.2 billion baht in two power system projects in the country's industrial east to enhance power stability, she added.

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