Thailand Lifts Debt-to-GDP Cap to 70% to Aid Economy Rebuild
- Higher debt limit to allow government to borrow more: minister
- Thailand targets to borrow almost $70 billion in fiscal 2022
Shoppers and pedestrians on Yaowarat Road in Bangkok, on Aug 28.
Photographer: Nicolas Axelrod/BloombergThis article is for subscribers only.
Thailand will raise its public debt ceiling to accommodate higher borrowing and spending to help support the economic recovery from the pandemic.
The limit on the debt-to-gross domestic product ratio will be increased to 70% from 60% to allow the government to borrow more if necessary, Finance Minister Arkhom Termpittayapaisith said after a meeting Monday in Bangkok of the nation’s fiscal and monetary policy committee, which is chaired by Prime Minister Prayuth Chan-Ocha. The new limit will become effective once it’s notified in the Royal Gazette, though no timeframe was immediately specified.