Thai Cabinet to mull new economic stimulus measures

BANGKOK, July 29 (TNA) - The Thai Ministry of Finance will propose new economic stimulus measures to the Cabinet for further consideration and decision early next month. Thai Finance Minister Sommai Phasee told journalists of the update on Wednesday, saying he believes that the six new economic stimulus measures, if approved by the Cabinet on August 4, should help boost the national economic growth by more than 3 per cent this year. Sommai revealed that the proposed economic stimulus measures include financial and fiscal plans, investment promotion and invitation of the private sector to participate in the Thai government's investment in new mega-projects, the faster implementation of existing economic stimulus measures, the implementation of projects funded by annual budgets, the use of revolving funds and the improvement of existing cooperatives. Sommai stressed if the measures were successful, the Thai economy should expand by more than 3 per cent this year, as a massive state budget of 350 billion baht would be disbursed in the last two months of the 2015 fiscal year, which ends on September 30, 2015, together with the faster spending of the 2016 fiscal budget. According to the finance minister, his ministry will push for the implementation of new infrastructure investment projects, totally worth 1.95 trillion baht, in 2015-2016, including loans worth 925 billion baht. Besides, the Thai government will invest 100 billion baht in financial, fiscal and investment promotional plans to help drought-affected low-income earners and farmers. The Thai finance minister announced that jobs will also be created for local workers, soft loans will be provided to local small and medium-sized enterprises (SMEs) and local business operators will enjoy a duty-free for their imported machines in 2015-2016. (TNA)