Thai government approves 1.41 trillion baht in new borrowing for 2022 fiscal year

[BANGKOK] Thailand's Cabinet on Tuesday (Apr 12) approved new borrowing of 1.41 trillion baht (S$57.2 billion) in the current fiscal year to September, up from a previous plan of 1.36 trillion baht, a government spokesperson said.

The new debt is part of a wider revised debt management plan, which will bring public debt to 62.76 per cent of gross domestic product, still below the government-approved limit of 70 per cent, Rachada Dhnadirek told a news conference.

Thailand's public debt was at 60.17 per cent of GDP as of February.

The new debt plan includes 10 billion baht of borrowing for the state oil fund to stabilise domestic fuel prices at a level that does no impact living costs, she said.

It also plans some 29.3 billion baht for a restructuring of government debt due in the fiscal year, which includes possible foreign borrowing, and another 39.4 billion baht for investment projects, Rachada said.

The cabinet also approved an investment of 15.2 billion baht in 2 power system projects in the country's industrial east to enhance power stability, she added. REUTERS