Thailand unveils US$2.2 billion coronavirus stimulus, a day after Finance Minister Predee Daochai’s surprise resignation
- Predee reportedly left the position due to health issues stemming from a stroke he suffered a few years ago
- Money is set to be poured into cash handouts and graduate schemes, as the economy is on track for its worst-ever contraction
It comes one day after the surprise resignation of newly-appointed Finance Minister Predee Daochai, which Thailand’s prime minister said earlier would not affect economic policy or investor confidence.
The resignation of 61-year-old Predee, a former co-president of Kasikornbank, came into effect on Wednesday, according to a royal gazette announcement. He was named as the new finance minister on August 6 and joined Prime Minister Prayuth Chan-ocha’s cabinet on August 12.
The government did not give a reason for Predee’s resignation, but Thai-language newspaper Krungthep Turakij reported the minister quit because of ill health associated with a stroke he suffered a few years ago. The resignation was not out of any conflict with other government executives, the newspaper reported, citing an interview with Predee.
Prayuth may approach outgoing Bank of Thailand Governor Veerathai Santiprabhob and former president of PTT Pcl Pailin Chuchottaworn to replace Predee, Krungthep reported, citing a source from the government house. A spokesman for the central bank said he wasn’t aware of Veerathai being approached for the job.
The baht tumbled as much as 0.8 per cent 31.301 to a US dollar on Wednesday, the most since July 16. The benchmark SET index of stocks fell 0.4 per cent on Tuesday.