Thailand to borrow over 66 billion USD for fiscal year 2024

Illustrative image (Photo: www.investing.com)

Hanoi (VNA) - The Thai government plans to borrow about 2.4 trillion THB (nearly 66.65 billion USD) for the 2024 fiscal year starting October 1, up about 9% from the current year, according to market sources briefed by the Ministry of Finance.

More than 700 billion THB of the total will be fresh borrowing to finance the budget deficit, and about 1.7 trillion THB will be earmarked for refinancing and restructuring existing debts.

About half of the funding sought will be raised through government bond sales, while the rest will be financed via treasury bills, savings bonds, bond switches and promissory notes.

The government plans to sell up to 272 billion THB of government bonds in the last quarter of this year.

The new cabinet of Thailand approved higher budget spending of 3.48 trillion THB for fiscal year 2024, along with a larger budget deficit of 693 billion THB, to revive the economy.

According to Thai government spokesman Chai Wacharonke, the budget increase is to match the medium-term financial plan for the 2024-2027 period proposed by the Financial Institutions Policy Committee under the Bank of Thailand./.

VNA