Thai Cabinet approves US$15.7 billion more in new borrowing for 2024 fiscal year

THAILAND’S Cabinet on Tuesday (Feb 13) approved an additional US$15.66 billion in new borrowing for the 2024 fiscal year, a government official said, on top of 194 billion baht (S$7.3 billion) previously approved.

Total new borrowing in the fiscal year would be 754 billion baht ($21.10 billion), government spokesperson Chai Wacharonke told a briefing.

The newly approved borrowing is part of a wider revised debt management plan for the fiscal year, which includes the restructuring of existing debt of 2 trillion baht and debt repayments of about 400 billion baht, Chai said.

The government has said the new borrowing would be mainly for financing a budget deficit.

The 2024 fiscal budget projects higher spending of 3.48 trillion baht for the fiscal year, and a budget deficit of 693 billion baht.

The 2024 fiscal budget was delayed from the original Oct 1, 2023 start date due to a general election last year. Officials have said the budget should be ready by May. REUTERS