ADB provides 1.5 billion USD loan to help Thailand fight COVID-19
The Asian Development Bank (ADB) announced on August 4 that it will provide a loan worth 1.5 billion USD to support Thailand’s response to the COVID-19 pandemic.
Thailand's rice exports hit hard by COVID-19 - Illustrative image (Source: AFP)
Bangkok (VNA) – The Asian Development Bank (ADB) announced on August4 that it will provide a loan worth 1.5 billion USD to support Thailand’sresponse to the COVID-19 pandemic.
ADB PresidentMasatsugu Asakawa said that the loan will help reduce the pandemic’s social andeconomic impacts on the Southeast Asian country.
“Our budget supportwill help fund the government’s relief packages, which aim to better preparethe country’s health care system for possible future waves of COVID-19; protectthe vulnerable; support small and medium-sized enterprises (SMEs) in industriesmost affected by the outbreak such as tourism and manufacturing; and provideoverall economic stimulus,” he said in a statement.
Thailand has one ofthe more developed health care systems in Southeast Asia, but the countryremains highly vulnerable to the pandemic due to its deep integration withregional and global economies.
ADB forecastThailand’s economy to contract by 6.5 percent in 2020, in contrast with its December2019 projection of a 3 percent growth.
The ADB said the loanto Thailand is funded through its COVID-19 pandemic response option (CPRO)under its Countercyclical Support Facility.
CPRO was establishedas part of the bank's 20 billion USD expanded assistance for developing membersto respond to COVID-19, announced on April 13./.
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Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
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Thailand's rice exports hit hard by COVID-19 - Illustrative image (Source: AFP) 
