BANGKOK - Thailand's cabinet approved a package of economic measures worth 1.9 trillion baht on Tuesday to alleviate the impact of the coronavirus outbreak, Finance Minister Uttama Savanayana said.
Of the 1 trillion baht borrowing, 600 billion baht will be for public health works and relief measures, and the rest for rebuilding the economy and job creation, Mr Uttama said.The latest steps follow billions of dollars of stimulus measures recently introduced to cope with the impact of the coronavirus on the economy, which is heading into a recession. The slump in tourism, exports and confidence has increased pressure on Prime Minister Prayut Chan-o-cha's government to scale up spending.
The initiative is worth about 9 per cent of GDP, the administration said. It added that a heavily oversubscribed cash-handout programme - of 5,000 baht monthly - is being extended by three months.The country is in a state of emergency. Last Friday, it imposed a nationwide night curfew after closing malls to limit the spread of the virus.
The BOT will also set up a corporate bond stabilisation fund worth 400 billion baht to provide bridge financing to high-quality firms with bonds maturing during 2020-2021, he said.
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