Thailand steps up state investment amid COVID-19 impacts
Thailand is planning to pour 400 billion baht (12.66 billion USD) of state investment into the economy in the second quarter of this year after the passage of the delayed 3.2-trillion-baht (101.1 billion USSD) annual budget bill for fiscal 2020.
A view of Bangkok capital city of Thailand (Photo: AFP/VNA)
Bangkok (VNA)– Thailand is planning to pour 400 billion baht (12.66 billion USD) of stateinvestment into the economy in the second quarter of this year after thepassage of the delayed 3.2-trillion-baht (101.1 billion USSD) annual budgetbill for fiscal 2020.
Local media quoted Ministerof Finance Uttama Savanayana as saying on February 21 that shortly after the budgetbill takes effect, 350 billion baht out of the 640 billion baht worth ofinvestment budget can be drawn down because these projects' terms of reference(ToR) have been completed. An additional 96 billion baht will be available forwithdrawal later, he said.
The 3.2-trillion-bahtannual budget expenditure for fiscal 2020 was supposed to be available from October1, 2019 but was hampered by the lengthy government installation and legislativeprocess.
The delayed fiscalbudget is dragging down economic growth as a result of the impact from the novelcoronavirus (COVID-19) outbreak, drought and the global economic slowdown.
The budget bill hasbeen sent for royal endorsement after passing the House and the Senate.
Uttama said theremaining investment budget for fiscal 2020 is under process to draft ToR,which is expected to take 45-50 days to be completed. This investment isexpected to be disbursed in the third quarter.
Apart from governmentinvestment, state enterprises, with a combined investment target of 350 billionbaht this year, are another engine to drive the economy, he said.
In addition, newmeasures to mitigate the impact of the COVID-19 epidemic will be launched soon,while experts forecast that the epidemic will abate in June or July./.
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A view of Bangkok capital city of Thailand (Photo: AFP/VNA) 
