Thailand to borrow US$1.5 billion from ADB to cope with Covid-19 impact

BANGKOK (The Nation/ANN): The Finance Ministry signed an agreement with the Asian Development Bank (ADB) on Monday (Nov 16) to secure a loan of US$1.5 billion to help combat the impact of Covid-19.

Finance Minister Arkhom Termpittayapaisith said after signing the deal with Hideaki Iwasaki, ADB country director for Thailand, that the loan was part of the country's Bt1-trillion emergency borrowing to combat the impact of the pandemic.

He said the ministry had used many tools in fiscal year 2020 to secure domestic loans for funding its three main projects, which are public health projects to solve the outbreak, compensation for those affected by the virus, and economic stimulus packages to revive the economy.

He added that many organisations were offering foreign loans to Thailand and the ministry was considering these proposals.

Public Debt Management Office director-general Patricia Mongkhonvanit said that the government has already borrowed Bt338 billion out of the proposed Bt1-trillion loan. - The Nation/Asia News Network