ADB granted Thailand 1.5 billion USD loan to stimulate economy hit by Covid-19

ADB Headquarters in Manila, Philippines

The Asian Development Bank (ADB) and Thailand’s Ministry of Finance signed on Monday an agreement for Thailand to secure a loan of 1.5 billion US dollars to save the badly-hit economy due to the Covid-19 pandemic.

“The 1.5 billion U.S. dollars loan was part of Thailand’s 1 trillion baht (33 billion U.S. dollars) emergency borrowing scheme to counter the impact of the pandemic,” said Finance Minister Arkhom Termpittayapaisith, after he signed the loan deal with Hideaki Iwasaki, ADB director for Thailand.

The loan for the Covid-19 Active Response and Expenditure Support Program will focus on securing public health, compensation for those affected by the virus, and economic stimulus packages, says Mr Arkhom.

Public Debt Management Office director-general Patricia Mongkhonvanit said that the Thai government had previously made a loan of 338 billion baht (11.1 billion U.S. dollars) out of the proposed 1 trillion baht (33 billion U.S. dollars) loan.

Original article by: Xinhua
Source: Thailand Herald