Thailand increases debt plan for current fiscal year

New debt plan will increase the country's public debt to gross domestic product to 56.74% at the end of September

  
Magnolias Waterfront Residences and shopping mall Iconsiam stand next to the Chao Phraya river in Bangkok, Thailand, January 29, 2019. REUTERS/Jorge Silva

Magnolias Waterfront Residences and shopping mall Iconsiam stand next to the Chao Phraya river in Bangkok, Thailand, January 29, 2019. REUTERS/Jorge Silva

BANGKOK - Thailand's cabinet on Tuesday approved a higher debt management plan of 1.54 trillion baht ($51.32 billion) for the current fiscal year to September to help facilitate borrowing for coronavirus relief measures, a government spokesman said.

The new debt plan, which was increased from 1.465 trillion baht, also included borrowing for financing the budget deficit and state enterprise projects, Anucha Burapachaisri said in a statement.

In the fiscal year the government plans to borrow about 76 billion baht under a larger 1 trillion baht borrowing plan to mitigate the impact of the coronavirus epidemic. 

The new debt plan will increase the country's public debt to gross domestic product (GDP) to 56.74% at the end of September, still below the 60% limit, Anucha said.

The debt was at 52.13% of GDP at the end of 2020. ($1 = 30.01 baht)

(Reporting by Kitiphong Thaichareon and Orathai Sriring; Editing by Martin Petty) ((orathai.sriring@tr.com; +662 0802309;))

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