Thailand earmarks further $15 billion for coronavirus crisis

Thailand's new stimulus package to alleviate the impact of the coronavirus crisis will be worth more than 500 billion baht ($15.3 billion), its finance minister said on Monday,

FILE PHOTO: A man wearing a protective face mask walks, during the spread of coronavirus disease , in Bangkok, Thailand March 29, 2020. REUTERS/Jorge Silva

It has already introduced two packages, the first to inject 400 billion baht into the economy and the second, worth 117 billion baht, to include cash handouts. “We can’t tell the size yet as we are working on it. But it should be bigger than earlier two packages combined,” he told a news conference, adding: “We will try to do it quickly.”

Thailand’s central bank expects the economy to contract 5.3% this year, which will mark the first shrinkage since the global financial crisis in 2009.

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