Public debt plan given nod

Public debt plan given nod

Borrowing for 2023 to reach B1.05tn

Finance Minister Arkhom Termpittayapaisith
Finance Minister Arkhom Termpittayapaisith

The cabinet on Tuesday approved the public debt management plan for fiscal 2023, says Finance Minister Arkhom Termpittayapaisith.

The new plan focuses on fiscal policy to increase economic growth via investment in infrastructure and dealing with the economic impact from volatile global oil prices and the Russia-Ukraine war, he said.

The plan calls for new debt of more than 1.05 trillion baht, of which 820 billion is new government debt.

Of the government's new debt of 820 billion baht, 695 billion is borrowing to offset the budget deficit from expenditures in fiscal 2023, while the rest is to be lent to the State Railways of Thailand and the Mass Rapid Transit Authority of Thailand.

The remaining 233 billion baht will be new debt for state enterprises and state agencies to invest in transport infrastructure, the improvement of the power transmission system, the removal of power lines from poles to be laid underground, along with improvements to the utility infrastructure.

The plan also includes the management of 1.73 trillion baht in existing debt, involving the restructure of 1.58 trillion of government debt and 146 billion in state enterprises' debt.

The plan calls for government expenditure in fiscal 2023 to repay debt of 360 billion baht. The amount includes the payment of principal and interest.

Under this new debt management plan, the ratio of public debt-to-GDP should be 60.4% by the end of fiscal 2023, which is still within the ceiling ratio of 70%, said Mr Arkhom.

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