Thailand plans to borrow 500 billion baht ($14 billion) in phases to finance a cash handout program to stimulate its economy, an official said, allaying concerns that the debt proposal may widen the fiscal deficit and jeopardize the nation’s credit ratings.
The borrowing will be spread over two to three years as the shops and vendors participating in the so-called digital wallet plan will not be cashing out in one go, Paopoom Rojanasakul, secretary to the finance minister and a member of the panel overseeing the program, said on Wednesday. The Public Debt Management Office, which manages Thailand’s borrowing, will carefully select the tools to fund the handout, he said.
