Friday, July 03, 2020

Decrees on Covid-19 aid package come into effect

Apr 20. 2020
Finance Minister Uttama Savanayana
Finance Minister Uttama Savanayana
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By The Nation

The Covid-19 aid package worth Bt1.9 trillion has come into effect with the publishing of four emergency decrees and one Royal Decree in the Royal Gazette on Sunday (April 19).

The four emergency decrees will allow the Finance Ministry and Bank of Thailand to borrow money up to Bt1. 9 trillion, about 10 per cent of gross domestic product.

The first decree will enable the Finance Ministry to borrow Bt1 trillion for spending on fighting Covid-19 and support people affected by the pandemic.

The second one will allow the Finance Ministry and the central bank to provide Bt500 billion of financial support to small and medium-sized enterprises.

The third one will allow the Finance Ministry and central bank to provide Bt400 billion for corporate bond purchases, aimed at stabilising the bond market.

The fourth one allows private companies to have a meeting via electronic means, such as video conference.

The Finance Ministry and central bank also sought a Royal Decree to extend deposit insurance at Bt5 million per bank account per bank for one year more,  if there were no intervention, insurance coverage would be lowered to Bt1 million on August 10 onward.

 

 

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