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Wednesday, March 29, 2023

Cabinet okays another B81bn in borrowing

Most of the money to be used to pay down debts of Oil Fuel Fund

A rider prepares to deliver a cooking gas cylinder from a depot in Bangkok. (Photo: Somchai Poomlard)

The cabinet on Tuesday approved another 81.2 billion baht of new borrowing in the 2023 fiscal year, mostly to cover fuel subsidies.

The Finance Ministry recently recommended that the borrowing plan of the Oil Fuel Fund Office be increased to 110 billion baht, from 30 billion approved earlier.

The fund has run up losses of about 130 billion baht mainly from subsidising the prices of diesel and cooking gas in a bid to slow inflation that hit a 24-year high last year.

As of the end of January, the fund had spent of 68.1 billion baht to…

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