Thailand passes record US$60 billion stimulus package to combat coronavirus impact
- About US$17.3 billion will be given as aid to farmers and informal workers such as street vendors and those employed in massage parlours and bars
- Further funds have been earmarked for health care and market stabilisation, but opposition MPs have criticised the government for a lack of transparency
The 1.9 trillion baht (US$59.7 billion) package aims to provide a much-needed boost for Southeast Asia’s second biggest economy, which is expected to contract by 6-7 per cent in 2020.
About US$17.3 billion of the package will be given as aid to farmers and informal workers such as street vendors and those employed in massage parlours and bars who have seen their work dry up.
The stimulus will also provide for a fund to stabilise markets and boost purchasing power, as well as US$1.4 billion for “health care readiness”, the government said, without providing further details on how the money would be spent.
The ruling coalition – led by Prime Minister Prayuth Chan-ocha’s Phalang Pracharat party – holds a slim majority in the lower house, and members of the opposition largely abstained from voting.
Opposition MPs criticised the lack of transparency in how the money will be allocated.