HM the King approves B1.9tn plan to limit coronavirus impact

HM the King approves B1.9tn plan to limit coronavirus impact

People affected by the coronavirus outbreak receive handouts from the Social Development and Human Security Ministry in Huay Kwang district of Bangkok on Sunday. (Photo by Apichit Jinakul)
People affected by the coronavirus outbreak receive handouts from the Social Development and Human Security Ministry in Huay Kwang district of Bangkok on Sunday. (Photo by Apichit Jinakul)

His Majesty the King has approved laws to implement spending measures worth 1.9 trillion baht to mitigate the impact of the coronavirus on the economy.

The royal endorsement was published in the Royal Gazette on Sunday with immediate effect.

The measures, approved by cabinet last week, allow the government to borrow 1 trillion baht to be used for public health spending and job creation.

The Bank of Thailand will also be allowed to lend 500 billion baht to smaller businesses and to set up a 400 billion baht fund to support the corporate debt market.

Thailand stands to lose 1.3 trillion baht, most of it in the tourism sector, and up to 10 million jobs due to the coronavirus pandemic.

The country is in a state of emergency. This month, it imposed a nationwide night curfew after closing malls to limit the spread of the virus.

The package is the latest step in the billions of dollars of stimulus measures rolled out to cope with the impact of the coronavirus on the economy, which is expected to contract by 5.3% this year.

The Centre for Covid-19 Situation Administration on Sunday reported 32 new coronavirus cases, bringing its total to 2,765.

Of the new cases, 28 were in the capital, Bangkok, said centre spokesman Dr Taweesilp Visanuyothin.

No new fatalities were reported. Thailand has had 47 deaths from the coronavirus.


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