Finance Minister signals plan to raise Thailand’s debt ceiling
Ekniti says Thailand still has fiscal room as the government weighs lifting the public debt ceiling to fund investment and support the public.
- Thailand's Finance Minister is preparing to discuss the possibility of raising the public debt ceiling with credit rating agencies.
- The potential increase is aimed at unlocking funds for investment and public assistance in response to the global economic crisis.
- The country's public debt currently stands at 66.09% of GDP, which is close to the existing 70% ceiling.
- The minister will raise the issue during the upcoming World Bank-IMF meetings in Washington, D.C.
Finance Minister Ekniti Nitithanprapas said he is preparing to attend the World Bank-IMF meetings in Washington, D.C., from April 13-18, 2026. On that occasion, meetings have been scheduled with credit rating agencies to assess the situation and build an understanding of the direction of the global economy.
He said all countries around the world are now being affected by the crisis, and many already have public debt-to-GDP ratios far higher than Thailand’s.
Ekniti said the government needs to consider fiscal management approaches that are aligned with the crisis at hand. It is therefore preparing to discuss with credit rating agencies the possibility and necessity of adjusting the public debt ceiling, should the government need to do so, to unlock funding for investment to enhance the country’s potential and to assist the public as effectively as possible. At present, public debt stands at 66.09% of GDP, against a public debt ceiling of 70%.
Although the Finance Ministry has initially tried its utmost to maintain the Medium-Term Fiscal Framework (MTFF) and the debt ceiling set by the State Fiscal and Financial Policy Commission in order to preserve the country’s credit rating, the government must adapt to the current situation.
Asked about the risk of Thailand being downgraded amid the global economic crisis, Ekniti said Thailand still has sufficient fiscal space, or room, to absorb such risks. Compared with neighbouring countries in ASEAN, Thailand’s current credit rating remains close to Malaysia’s and is still stronger than that of several countries, including Indonesia and the Philippines.
“Our credit rating remains at investment grade. Compared with high-risk assets, or junk bonds, Thailand still stands two to three notches above the junk bond level.”
