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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./.
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