Thai Cabinet approves $12.2 billion emergency borrowing decree, PM says

BANGKOK, May 5 : Thailand’s Cabinet on Tuesday approved an emergency decree to borrow 400 billion baht ($12.2 billion) to alleviate cost of living pressures and support energy costs, Prime Minister Anutin Charnvirakul said.

• The borrowing is necessary because higher energy prices will impact everyone, Finance Minister Ekniti Nitithanprapas said.

• Half of the borrowing will be targeted towards vulnerable groups and the other half will be used to help the energy transition.

• “We have to help vulnerable groups,” he said, adding the government will try to reduce living costs and push for clean energy use.

• All of the borrowing will be sourced from within Thailand, he said, adding that the decree will be put to parliament next week.