Thai Government plans to seek 14 billion USD loan to boost economic growth
Thai Prime Minister Srettha Thavisin on November 11 said that Thailand will seek 500 billion baht (14 billion USD) in loans to finance its 10,000-baht digital money handout scheme.
Thai Prime Minister Srettha Thavisin speaks during an interview in Bangkok, Thailand on October 15 (Photo: Xinhua)
Bangkok (VNA) – Thai Prime Minister Srettha Thavisin on November 11 saidthat Thailand will seek 500 billion baht (14 billi🌳on USD) in loans to financeits 10,000-baht digital money handout scheme.
Sretthasaid that the digital currency will be offered to Thais aged 16 and older whoearn less than 70,000 baht (nearly 2,000 USD) per month and have under 500,000baht in bank deposits. He added that the Thai economy needs a major stimulus as the country's GDP hasgrown by only 1.9% a year on average over the past decade, with household debtjumping from 76% in 2012 to 91.6% this year. Theoutput from the manufacturing sector has also declined, which means fewerworkers are required, resulting in many people being laid off. As aresult, they earn less and buy less, which in turn causes factories to cutproduction. And that cycle repeats, causing a recession. Things will get worseunless the economy gets a boost, Srettha said. Accordingto him, the government will inject 600 billion baht into theeconomy including 500 billion baht via the digital wallet scheme as well as a100-billion-baht fund to enhance the country's economic potential. Thedigital wallet policy is intended to inject cash flow into the economic systemto boost spending during the six months after its launch. The handout willbegin next May.. Thedigital wallet can only be used to buy food and consumer goods. It cannot beused to purchase goods online, cigarettes or liquor, cash vouchers and suchvaluables as diamonds, gems or gold; to pay off debts; orcover water or electricity bills, fuel, natural gas or tuition fees. Meanwhile,the new 100-billion-baht fund will be used to enhance the country'scompetitiveness in fields including new technologies and human resourcesdevelopment, said Srettha./.
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Thai Prime Minister Srettha Thavisin speaks during an interview in Bangkok, Thailand on October 15 (Photo: Xinhua) 
