World

ADB provides 1.5 billion USD loan to help Thailand fight COVID-19

The Asian Development Bank (ADB) announced on August 4 that it will provide a loan worth 1.5 billion USD to support Thailand’s response to the COVID-19 pandemic.
ADB provides 1.5 billion USD loan to help Thailand fight COVID-19 ảnh 1Thailand's rice exports hit hard by COVID-19 - Illustrative image (Source: AFP)

Bangkok (VNA) – The Asian Development Bank (ADB) announced on August4 that it will provide a loan worth 1.5 billion USD to support Thailand’sresponse to the COVID-19 pandemic.

ADB PresidentMasatsugu Asakawa said that the loan will help reduce the pandemic’s social andeconomic impacts on the Southeast Asian country.

“Our budget supportwill help fund the government’s relief packages, which aim to better preparethe country’s health care system for possible future waves of COVID-19; protectthe vulnerable; support small and medium-sized enterprises (SMEs) in industriesmost affected by the outbreak such as tourism and manufacturing; and provideoverall economic stimulus,” he said in a statement.

Thailand has one ofthe more developed health care systems in Southeast Asia, but the countryremains highly vulnerable to the pandemic due to its deep integration withregional and global economies.

ADB forecastThailand’s economy to contract by 6.5 percent in 2020, in contrast with its December2019 projection of a 3 percent growth.

The ADB said the loanto Thailand is funded through its COVID-19 pandemic response option (CPRO)under its Countercyclical Support Facility.

CPRO was establishedas part of the bank's 20 billion USD expanded assistance for developing membersto respond to COVID-19, announced on April 13./.
VNA
#COVID-19 #Asian Development Bank #ADB #loan #1.5 billion USD #Thailand #Vietnam #Vietnamplus #Vietnam News Agency Thailand
Follow VietnamPlus

Related News

Thailand tightens border security to deal with illegal trespassing

Thailand tightens border security to deal with illegal trespassing

Thai Prime Minister Prayut Chan-o-cha on July 31 requested military commanders to step up security measures along the country's borderlines to keep out any suspected trespassers from neighbouring countries in the context that the COVID-19 pandemic continues developing complicatedly.
Thailand’s Q2 contraction poised to hit 13 percent

Thailand’s Q2 contraction poised to hit 13 percent

Thailand's second-quarter economic contraction could reach a record of 13 percent year-on-year after business activities were halted by lockdown measures during the period, said the Bank of Thailand (BoT).
Thailand seeks to draw foreign tourists

Thailand seeks to draw foreign tourists

The number of foreign tourists to Thailand will dramatically shrink to 7 million from the record figure of 39.8 million in 2019 if the Southeast Asian country remains closed in the last quarter of this year, according to the Tourism Authority of Thailand (TAT).

See more

Indonesian Muslims gather at Istiqlah Mosque ahead of the prayer service. (Photo: VNA)

Ramadan begins in Indonesia

Throughout the holy month, Muslims devote time to deep reflection and prayer. They fast from sunrise to sunset, abstaining from food and drink while focusing on good deeds and strengthening their faith.

Illustrative image (Source: VNA)

Malaysia remains top destination for European, US investors

It stated that large international companies such as Intel, Amazon Web Services, Oracle, Google, and Plexus continued to commit to investing or increasing their investments in Malaysia, making the country one of the primary destinations for over 600 US companies.

Thai Prime Minister Paetongtarn Shinawatra (Photo: Xinhua/VNA)

Thai PM pledges to step up economic growth

In her weekly Empowering Thais programme on March 2 morning, Thai Prime Minister Paetongtarn Shinawatra said the Southeast Asian country's gross domestic product (GDP) grew by only 2.5% last year because it had not invested substantially in new industries and had not prepared the people for future industries over the past decade.

Malaysian Digital Minister Gobind Singh Deo speaks during the Public Sector Artificial Intelligence Adaptation Guidelines’ launching ceremony in Kuala Lumpur, on February 27. (Photo: selangorjournal.my)

Malaysia launches AI adaptation guidelines for public sector

The 158-page guidelines provide an overview of AI, ethical principles, roles and responsibilities of stakeholders, risk management, adaptation methods, and self-assessment templates to help identify the scope and impact of AI within the public sector.

Illustrative image (Photo: Internet)

Thai rice faces mounting competition, high costs

President of the Thai Rice Exporters AssociatioCharoen Laothammatas predicted that the figure will reach 7.5 million tonnes this year, a 24.2% drop from last year’s 9.94 million tonmes.

Singapore guardsmen complete an obstacle course during exercise Valiant Mark with U.S. Marine Rotational Force-Southeast Asia in Singapore in December 2024. (Photo: SGT. SHAINA JUPITER/U.S. MARINE CORPS)

Singapore army invests in uncrewed systems to address manpower shortages

The declining number of service members as the “greatest internal challenge” facing the Singapore Armed Forces (SAF). To tackle this, Singapore is increasing automation and assigning conscripts and national reservists, known as “NSmen,” to roles aligned with their civilian expertise to boost efficiency and effectiveness.

Indonesia to use its benchmark coal price for transactions from March 1 (Photo: Theinvestsor)

Indonesia to adjust coal price policy

Vietnam, a key importer of Indonesian coal, imported 2.49 billion USD worth in 2024. Coal remains Vietnam’s largest import from Indonesia, contributing significantly to the 4.34 billion USD in total imports from the country

Cambodian Prime Minister Samdech Thipadei Hun Manet (Photo: VNA)

Vietnam attends Islam-Buddhism Summit in Cambodia

Vietnamese Ambassador to Cambodia Nguyen Minh Vu participated in the Islam-Buddhism Summit in Phnom Penh on February 27. The event focused on sharing experience in fostering peaceful religious coexistence, cooperation, and harmony in the region and the world.