B500bn third stimulus package in store

B500bn third stimulus package in store

A woman wearing a protective face mask waits for customers in Bangkok on Monday. (Reuters photo)
A woman wearing a protective face mask waits for customers in Bangkok on Monday. (Reuters photo)

A new stimulus package to alleviate the impact of the coronavirus crisis will be worth more than 500 billion baht, the finance minister said on Monday.

It has already introduced two packages, the first to inject 400 billion baht into the economy and the second, worth 117 billion baht, to include cash handouts.

The latest is being worked on by the Finance Ministry, the central bank and relevant agencies, Uttama Savanayana said.

"We can't tell the size yet as we are working on it. But it should be bigger than earlier two packages combined," he told a news conference, adding: "We will try to do it quickly."

The economy has been hit hard by the coronavirus pandemic as it is heavily reliant on exports and tourism. It has reported 1,524 cases of coronavirus and nine deaths as a result of the outbreak.

The central bank expects the economy to contract 5.3% this year, which will mark the first shrinkage since the global financial crisis in 2009.

Mr Uttama said Thailand has no plans to borrow from the International Monetary Fund as its fiscal position is strong and it is able to tap other funding sources, including the fiscal budget.

Deputy Prime Minister Somkid Jatusripitak said last week that the government was ready to issue a decree to borrow if necessary.

Do you like the content of this article?

Dream comes true

Panipak Wongpattanakit has fulfilled her dream of becoming an Olympic champion in the Korean martial art at the Tokyo Games.


Record 15,335 new Covid cases, 129 deaths reported Sunday

The country had a record high of 15,335 new Covid-19 cases and 129 new fatalities over the past 24 hours, the Public Health Ministry reported on Sunday morning.


Festival-goers revel in return of live music at London's Kaleidoscope

LONDON: Nearly 10,000 music fans savoured new-found freedoms at London's Kaleidoscope Festival on Saturday.