Thailand Unveils $16 Billion Borrowing Plan to Rebuild Economy

Thailand’s King Maha Vajiralongkorn endorsed a $16 billion borrowing plan to shield Southeast Asia’s second-largest economy from the impact of a raging coronavirus outbreak that’s threatening a nascent recovery and plans to reopen borders to tourists.

The government can borrow 500 billion baht ($16 billion) in the local or overseas markets to finance Covid relief measures for the public and businesses, according to a Royal Gazette announcement published Tuesday. The new debt, raised as loans or through sales of other securities, has to be wrapped up by September 2022, it said.

While the amount cleared by the king was less than the 700 billion baht approved by the Cabinet last week, Finance Minister Arkhom Termpittayapaisith said the government still has room to raise funds from a previously approved borrowing plan. The additional government…