Three COVID-19 loan bills face fierce scrutiny by the opposition parties in the first day of House debate.
Prime Minister Prayut Chan-o-cha government has proposed three executive decrees for 1.97 billion-baht loans and budget transfer in order to fund COVID-19 relief and stimulate the economy.
Prayut, in his opening speech, said the pandemic resulted in 1.8 percent contraction of the economy in the first quarter.A state think tank predicted Thailand’s economy would shrink 5-6 percent this year, he said.
He told the House that these decrees were needed to stabilize the economy hit by the COVID-19 pandemic. His government would ensure allocations of the funds would be transparent with a commitment to fiscal discipline.
The loans would increase public debt ratio-to-GDP ratio to 57.96 percent which was under the limit of 60 percent, Prayut said.
One of the decrees will allow a borrowing of 1 trillion baht for financial aid, health-related plans and economic and social rehabilitation projects. The other decrees allow the Bank of Thailand to provide soft loans to help small- and medium-sized enterprises and to buy corporate bonds.
Cabinet ministers will clarify the bills while the opposition MPs are expected to scrutinize them before voting on Sunday. (TNA)
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