Cabinet approves public debt management plan adjustment for fiscal year 2026
The Cabinet has approved the first amendment to the Public Debt Management Plan for FY 2026, including increased borrowing and debt repayment limits to support national infrastructure projects.
Cabinet approves adjustment to public debt management plan
The Cabinet approved the first amendment to the Public Debt Management Plan for fiscal year 2026 on Tuesday, increasing both new borrowing and debt repayment limits, a government spokeswoman said.
Deputy government spokeswoman Aiyarin Phunrit said the new borrowing plan will increase the total by 52,076.12 million baht, from 1,207,306.75 million baht to 1,259,382.87 million baht. The debt repayment plan will also see an increase of 30,469.30 million baht, rising from 503,056.95 million baht to 533,526.25 million baht.
Increased borrowing to support infrastructure projects
The Public Debt Management Policy and Supervisory Committee approved these changes after their meeting on December 4, 2025.
Among the approved adjustments, domestic borrowing will increase by 33,222.66 million baht to fund major infrastructure projects, including the high-speed rail, double-track rail, and suburban electric train projects under the State Railway of Thailand (SRT). This includes eight projects with a combined budget of 28,920 million baht, as well as additional funding for Port Authority of Thailand (PAT) development projects.
Debt restructuring and new foreign loans included in plan
The plan also includes foreign borrowing adjustments, increasing by 18,853.46 million baht to accommodate new projects such as the 3 GeV synchrotron light source and laboratory project (12,359.46 million baht) and the low-carbon city and carbon market development project (6,494 million baht).
Additionally, the debt repayment plan for the Financial Institution
Development Fund (FIDF) will be increased by 35,486 million baht. However, the plan also reduces the limit for debt restructuring for loans due in fiscal year 2026 by 226,972.88 million baht. Furthermore, the government will increase funds to manage the risks of loans maturing between fiscal years 2027 to 2030.
Debt-to-GDP ratio remains within legal limits
Along with these adjustments, 18 new projects and one state enterprise—SRT—which has a debt-to-income ratio below 1 (0.48), will need to seek Cabinet approval for loan applications. Another 19 state enterprises will also need to request approval for loans to finance development projects and debt restructuring.
Despite the adjustments, the Public Debt Management Committee estimates that the revised public debt-to-GDP ratio will remain at 68.48%, within the legally required limit of 70%, ensuring compliance with relevant laws and regulations.
