InfoQuest (May 6, 2020) -- After meeting with the Loan Use Review Committee tasked with putting together a COVID-19 relief package and for economic and social recovery with authorization from Thailand's Ministry of Finance under the Loan Act of 2020, Thai Deputy Prime Minister Somkid Jatusripitak said that he had ordered the committee to develop the model of and guidelines for projects to stimulate the local economy and submit them to the cabinet for deliberation in May.
Mr. Somkid said the government adopted a one-trillion-baht loan bill as the COVID-19 pandemic has disrupted normal economic activity. A total of 600 billion baht was used to provide relief in March and April. However, people are returning to the other provinces except Bangkok, making it necessary to create jobs and generate income locally from May to September. Therefore, the Loan Use Review Committee was appointed to set out guidelines for keeping the economy afloat with the 400-billion-baht loan bill.
The projects should give priority to the agricultural sector, which comprises traditional agriculture, modern agriculture and organic agriculture, the exploitation of water resources and the construction of infrastructure in the countryside to reinvigorate the local economy. Local governments need to develop community tourist attractions in this period and promote the sustainable development of tourism when things go back to normal.
In addition, information technology powered digital, cargo transportation, logistics platforms will be developed, talent will be trained to provide human resources for the local areas, and, most importantly, efforts must be made to develop the local economy and community economy according to the economic philosophy of self-sufficiency. The projects are expected to be submitted to the cabinet for consideration in mid-May and implemented in early June.
The Deputy Prime Minister said Thailand's National Economic and Social Development Board (NESDB) has been asked to tweak its plans for the future, to ramp up Thailand's economic strength, and to adjust the budget act of fiscal year 2021 so more jobs are created for fresh college graduates.
Source: InfoQuest, by Tanit Tongnok / Kasamarporn / Rachada, translated by Xinhua Silk Road.
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