Thailand releases more stimulus measures to counter Covid pandemic

Thailand unveils stimulus programs including cash handouts worth 210 billion baht ($7 billion). The program is to support millions of individuals and businesses affected by the pandemic. The country is currently facing the biggest wave of coronavirus infections since the pandemic began a year ago. Measures to contain the virus are on-going.

Kulaya Tantitemit, acting director-general of the Fiscal Policy Office said in an announcement yesterday, “State-owned financial institutions will disburse financial relief”. These financial institutions will implement policies to enhance liquidity and take care of various groups of debtors. These measures are part of the stimulus program.

Of the 210 billion baht, 100 billion is the leftover liquidity from first-phase government measures. This amount was issued to tame adverse effects of the outbreak.

The new measures aim to firstly, boost liquidity for businesses. Secondly, provide debt relief. Lastly, provide support for unemployment. Mr Prayuth said the government is considering an additional sum of a monthly 3,500 baht (S$154) per person for two months. The announcement for that measure will come next week.

Thai PM announces other measures

Mr Prayuth informed a briefing of subsidies for both water and electrical expenses till March. Support measures for higher internet speeds and data will also arrive to promote working from home.

Under the Finance Ministry‚Äôs plan, state banks like the Government Savings Bank (GSB), Bank for Agriculture and Agricultural Cooperatives (BAAC) and the Small and Medium Enterprise Development Bank of Thailand will provide liquidity to clients.

This support will include debt holiday and interest rate cut, Kulaya Tantitemit, acting director-general of the Fiscal Policy Office, said on Monday.

More Covid cases in Thailand

Thailand’s coronavirus case numbers have more than doubled to 10,834 since a month ago. Prior to that, they were the lowest in relation to their population.

More than half the provinces of Thailand have reported cases. Some containment measures have been re-imposed and people urged to stay home.
For most of 2020, Thailand kept daily cases low, in part due to strict entry requirements that have devastated tourism-related businesses. Unfortunately, due to protests against the King and illegal migrants cases swiftly rised in the later part of 2020.

Visit the Thailand Ministry of Finance website for more information on the stimulus measures.

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