Thailand OKs massive borrowing plan to support economy

Thailand’s cabinet has approved an emergency package to cushion the economic impacts of the US-Israel war on Iran, marking one of the country’s largest borrowing plans in decades, News.Az reports, citing foreign media.

The $12.2bn package will be used to boost domestic spending and ease economic hardships, according to lawmakers.

Last week, the Thai Finance Ministry lowered its GDP growth forecast to 1.6 percent, down from 2.4 percent last year.

The emergency loan is set to be deployed from June to September and will include support for more than 20 million low-income people under the government’s “Thais Help Thais” scheme aimed at easing living costs.

News.Az 

By Nijat Babayev