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The House of Representatives Approves Three Executive Decrees

31 May 2020 (Readers 621)

The House of Representatives on 31 May 2020 approved the Governments three executive decrees to support COVID-19 rehabilitation projects and boost the economy.

The issue was debated at a session of the House of Representatives, which began on 27 May and ended on 31 May. The three executive decrees will be forwarded the Senate for approval.

They include (1) the executive decree authorizing the Ministry of Finance to seek a one-trillion-baht loan for remedy and economic stimulus purposes, (2) the executive decree authorizing the Bank of Thailand to provide soft loans of five billion baht to help the business sector, especially SMEs, and (3) the executive decree involving four billion baht to stabilize the financial sector.

Prime Minister and Defense Minister General Prayut Chan-o-cha stressed the urgent need to assist people affected by the COVID-19 pandemic, which is an unprecedented situation. The countrys fiscal system is stable, with a high level of international reserves and a current account surplus. Moreover, the countrys public debt is still low, thus enabling the Government to seek more loans to help the people and restore the economy.

If the one-trillion-baht loan is sought by 30 September 2021, the countrys public debt will reach 57.96 percent of GDP. The rate is still below the 60 percent ceiling in the framework of fiscal discipline.

The Prime Minister stated that the Government was determined to tackle the peoples problems seriously. At the same time, it was also focusing on anti-corruption efforts and transparent management.

He pointed out that the country was now facing an unusual situation, saying that the Government would do its best to take care of the people during this difficult time. The one-trillion-baht loan is, therefore, necessary to help ease the ongoing crisis.

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