InfoQuest (March 11, 2020) - Yesterday's cabinet meeting has approved 14 measures to dampen the impact of the Covid-19 virus outbreak on the public and the business world, said Mr. Lavan Saengsanit, spokesman for Thailand's Ministry of Finance (MOF) and director of the Fiscal Policy Office (FPO). This epidemic is not only taking its toll on the public health, but on the Thai economy. Thailand is prepared to make more moves whenever necessary.
"The government would not stand by, and has deliberated and formulated phase-I mitigation measures to reduce the burden on businesses and the public... MOF will keep close track of what is going on and stands ready to launch more measures," said Mr. Lavan.
Debt restructuring is one bright spot of the measure package. Take credit card debt as example - because overdue payment will result in high interest rates, those in difficulty can contact the Government Saving Bank (GSB) to apply for debt restructuring to extend repayment period and reduce interest rates.
Reducing electricity-related expenses is another bright spot. For example, security deposits or electricity meter charges will be refunded, electricity fees for April-June 2020 will be decreased, and electricity bills for and April and May can be postponed till June. At the same time, the social security fund contribution rate for employees and employers will be lowered from 5 percent to 4 percent with a six-month implementation period.
Moreover, MOF will budget 20 billion Thai baht as relief fund beyond the scope of the 14 aid measures or beyond the normal legal scope, said Mr. Lavan Saengsanit.
Source: InfoQuest, by Tanit Tongnok/ Tanawat / Sasithorn, translated by Xinhua Silk Road
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