Thailand’s Ministry of Finance revealed that the state committee, charged with reviewing the use of the country’s borrowing to restore the COVID-hit economy, approved a 100 billion baht budget to help small and medium-sized companies (SMEs).
Finance Minister Arkhom Termpittayapaisith said the committee plans to seek Cabinet approval soon for the budget to help SMEs grappling with the impacts of the protracted pandemic.
The Export-Import Bank of Thailand previously estimated that a third of the country’s 3 million SMEs are on the verge of closing their doors due to the pandemic, while the Fiscal Policy Office predicts Thailand’s economic growth of just $ 1. , 3% this year due to the pandemic.
According to the finance ministry, the government issued the second emergency lending decree this year to allow the government to borrow an additional 500 billion baht. In the past two months, the government has introduced new measures to provide financial relief to workers in the social security system. (NNT)