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Thailand approves US$2.8 billion more economic support measures

Thailand approves US$2.8 billion more economic support measures

FILE PHOTO: A view of the Port of Bangkok, Thailand, March 25, 2016. Picture taken March 25, 2016. REUTERS/Athit Perawongmetha/File Photo

BANGKOK : Thailand's cabinet on Tuesday approved a further 92 billion baht (US$2.76 billion) of relief measures to help boost its flagging economy as the Southeast Asian country deals with its biggest and most prolonged coronavirus outbreak.

Thailand's economy is expected to grow just 0.7per cent this year after a 6.1per cent contraction last year, the central bank forecast, with the key tourism sector still stumbling. Thailand earlier this year approved a further 500 billion baht borrowing plan to mitigate the impact of the epidemic.

Of the approved support, the government will offer 42 billion baht of cash transfers under an existing co-payment scheme between November and December, spokesman Thanakorn Wangboonkongchana told a news conference.

There will be 3 billion baht in e-vouchers for spenders under an existing scheme, about 8.1 billion baht for holders of state welfare cards and about 1.38 billion baht for those with special needs, he said.

"Every measure is to stimulate a recovering economy and to help people and business operators," Thanakorn said.

The cabinet also approved 37.5 billion baht of stimulus to help smaller firms retain 4.2 million jobs, he said.

That is less than an earlier estimated 45.4 billion baht for 5.04 million workers, according to the state planning agency.

The cabinet also approved a plan to allow foreigners on special visas to join a "flexible plus programme" and seek work permits, said deputy government spokeswoman Traisuree Traisoranakul.

But participants will be required to invest at least US$1 million within a year, either in property, companies and securities, she said.

The Tourism Authority of Thailand expects the programme to draw 10,000 foreigners with investment spending of about 300 billion baht, Traisuree said.

The move is in line with a wider plan to lure a million foreigners to help the economy.

(US$1 = 33.28 baht)

(Reporting by Satawasin Staporncharnchai, Kitiphong Thaichareon and Panarat Thepgumpanat; Writing by Orathai Sriring; Editing by Martin Petty)

Source: Reuters


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