Thailand's cabinet on Tuesday approved an additional 560 billion baht ($15.66 billion) in new borrowing for the 2024 fiscal year, a government official said, on top of 194 billion baht previously approved.

Total new borrowing in the fiscal year would be 754 billion baht ($21.10 billion), government spokesperson Chai Wacharonke told a briefing.

The newly approved borrowing is part of a wider revised debt management plan in the fiscal year, which includes the restructuring of existing debt of 2 trillion baht and debt repayments of about 400 billion baht, Chai said.

The government has said the new borrowing would be mainly for financing a budget deficit.

The 2024 fiscal budget projects higher spending of 3.48 trillion baht ($97.42 billion) for the fiscal year, and a budget deficit of 693 billion baht.

The 2024 fiscal budget was delayed from the original Oct. 1, 2023 start date due to a general election last year. Officials have said the budget should be ready by May.

($1 = 35.75 baht) (Reporting by Orathai Sriring, Satawasin Staporncharnchai and Kitiphong Thaichareon; Editing by Martin Petty)