BANGKOK – Concerns regarding novel coronavirus and the delay in the fiscal year 2020 budget bill have had a negative impact on the economy. In response, Deputy Prime Minister Somkid Jatusripitak has ordered the Ministry of Finance to introduce domestic tourism promotion measures and ensure funding for infrastructure investment projects.
Speaking at the Posttoday Economic Forum 2020, Deputy Prime Minister Somkid Jatusripitak admitted the spread of novel coronavirus has affected the tourism sector, requiring the Cabinet to take measures to help affected businesses.
He said the Ministry of Finance is now instructed to take additional economic measures through phase four of the Chim Shop Chai campaign promoting domestic tourism. The campaign is intended to distribute money to local communities and help the affected tourism sector.
The DPM said today the government is now on track with several economic reform projects, however cooperation from all sides is required to maintain the strength of the economy, especially financial institutions which should lower their interest rates, as a means of encouraging greater cash flow in the economy.
The private sector is being asked to make more investment in the country to compensate for the expected shortcomings, while the government will be supporting investment projects through the Thailand Future Fund, which allows the general public to purchase shares, serving as their savings and investment at the same time.
On the fiscal year 2020 budget, the DPM said today the government is prepared to disburse the budget with care.
The government has only four months to use the budget. Government agencies have been instructed to ensure their plans are in place, to allow disbursement to be processed immediately after the bill goes into effect.
The Minister of Finance Uttama Savanayana noted today that the Ministry of Finance is able to handle short-term economic effects, while more concrete details of new measures will be announced this month.
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