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Thailand ready for debt restructuring measures

Thai Finance Minister Pichai Chunhavajira said on May 28 that a set of short-term stimulus measures was prepared by the ministry, aiming at increasing disposable income through debt restructuring at both public and private banks, highlighting the Bank of Thailand already signed on to this idea.

People seek consultations about how to settle their debts at an event jointly organised by the Justice Ministry and 23 financial institutes at Suan Dusit University (Photo: Bangkok Post) . All rights reserved.
People seek consultations about how to settle their debts at an event jointly organised by the Justice Ministry and 23 financial institutes at Suan Dusit University (Photo: Bangkok Post) . All rights reserved.

Bangkok (VNA) – Thai Finance Minister Pichai Chunhavajira said on May 28 that a set of short-term stimulus measures was prepared by the ministry, aiming at increasing disposable income through debt restructuring at both public and private banks, highlighting the Bank of Thailand already signed on to this idea.

The measures will help people have more money in their pockets for spending, he said, elaborating one approach is to reduce the debt repayment burden and extend the repayment period, which the central bank agrees with.

Meanwhile, Deputy Finance Minister Julapun Amornvivat said the ministry plans to use off-budget funds to avoid a budgetary burden. The ministry estimates 10 billion THB (270 million USD) can be drawn from the funds which totals around 1 trillion THB.

Earlier, Prime Minister Srettha Thavisin called a meeting with ministers in charge of the economy following the National Economic and Social Development Council (NESDC) reporting growth of 1.5% year-on-year for the first quarter.

The NESDC expects GDP growth of 2-3% this year, slightly lower than its previous forcast of 2.2-3.2%.

Thai growth in the first quarter lagged six regional peers, with the Philippines and Vietnam leading with 5.7% each, followed by Indonesia (5.1%), Malaysia (4.2%), and Singapore (2.7%)./.

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