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45 billion borrowers to reinvent the economy
Date 16 Nov 20 Mr. Archom Termpittayapaisit Minister of Finance said after the signing of the financial cooperation agreement. Between the Ministry of Finance and the Asian Development Bank (ADB) in the COVID-19 Active Response and Spending Support Program Credit limit of $ 1.5 billion or 45 billion baht That said indebtedness is under an Emergency Decree (Royal Decree) that authorizes the Ministry of Finance to borrow money to solve problems. Heal and restore the economy and society. Affected by the 2019, 2020 coronavirus outbreak (COVID-19 Act) capped at 1 trillion baht
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Is ADB It provides a total financial measure of $ 20 billion to help member states solve the problem. With flexible loan terms This can be used to support the budget of member country governments to implement policies and measures to solve problems.
To borrow from ADB According to the objectives COVID-19 law In 3 subjects: 1. Medical and public health programs or projects Solve the problem of COVID-19 and 2. Help, repair and compensate people, farmers, entrepreneurs 3. Restore the economy and society That the disbursement will be disbursed gradually according to the need for money Also observing the right time and moment
“The Treasury’s mission is to administer and administer the country’s public debt. Borrowing funds in accordance with sufficient public spending needs and with reasonable costs and risks. Maintain the sustainability of the government’s fiscal financial status. In addition, it is in line with market conditions and avoids competition for liquidity or financial resources (Crowding Out) with the private sector, which will affect the country’s overall cost of borrowing.
Therefore, this ADB loan is considered a diversification of loan sources to achieve a balance. Not just borrowing within the country alone Because if the government borrows within the country, everything will have an impact on the private sector ” Mr. Arkom say
Mr. Arkom He said the loan followed the COVID-19 Act of 1 trillion baht is still enough to help people and businesses as well as economic recovery. Sufficient funds remain. No need to borrow additional funds.
Mrs. Patricia Mongkhonvanich The director of the Office of Public Debt Management (SNP) said that the total amount of loans under the COVID-19 Act of 1 trillion baht has been loaned for 3.38 billion baht. Money will be disbursed as needed. And several approved projects
As for the project, half of the government is now well received by the people. And preparing to implement the project in phase 2, the demand for this part of the money will continue to increase, so the MPC will have to coordinate with the relevant agencies to see that the speed of spending half the money on the project How much does it cost to prepare a credit limit
“Half of the Phase 1 projects still use the credit line that was previously borrowed, but if there is a Phase 2, the project is now very popular. That means that the use of money will continue to increase, so you should sit down and talk to the responsible agency about how quickly the need for money will be spent. For the MPO to prepare the money in the bucket for the MPO, it already has a loan schedule. Borrowers will recover gradually, not a large amount of recovery, ”said Ms. Patricia.
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