South Korea, May 4- “Magic” continues to negotiate funding sources from ADB, an international financial institution. reduce the interest burden in the country Agree to increase the public debt ceiling to 70 percent. from the original 60 percent to support the global financial crisis

Mr. Arkhom Termpittayapaisith Minister of Finance said during the 56th Asian Development Bank (ADB) Annual Meeting that all parties agreed that the economy in 2023 This slowed down from last year. It is expected that the global economy this year will expand by 2.8 percent and next year will expand by 3 percent. grew by 4.4 -4.5 percent for the Thai economy. And many countries in Asia that began to recover expected economic growth of 3.6 percent.

“The ADB meeting agreed on facing the issue of remedial spending. help people and stimulate the economy until there is a burden on the development of the country must find a way together to help other countries Affected by COVID-19, probably poverty and inequality. Many countries need help from ADB Bank. For Thailand, many projects require joint investment with the private sector like PPP. The Thai government has also issued bonds or borrowing money within the country. Accepting the future may require foreign borrowing, but please assess. Interest Rates in the Bond Market both the issuance of bonds in the ASEAN market or loan from the Asian Development Bank to raise funds to develop green projects due to climate change Began to become more violent Many countries still lack funding. Find additional sources of funding, including Thailand, ”said Mr. Arkhom.

Mr. Arkom said that the meeting also discussed the stability of financial institutions resulting from the closure of many US banks. may have an impact in Asian countries. As for Thailand, it is not affected because it does not have transactions with closed banks in the United States. But he was not indifferent because he had experienced a financial crisis before in 1997, confirming that the supervisory authority was the Bank of Thailand. take care closely International reserves are very stable, the system’s NPL debt balance is relatively low. Therefore, please be assured that Thailand’s financial stability is stable. No effect from the US and Europe for sure

The meeting gave priority in enabling cross-border money transfers or cross border payments to support cross-border money transfers Thailand has joined Trial of Thailand’s PromptPay system with Singapore’s PayNow and ready to expand to ASEAN countries and transfer money between financial institutions and individuals in the future. under study Data linkage of banks in each country and find measures to support cyber security It is expected that 3 years should be able to make it more convenient.

Mr. Arkhom admitted that in the past he had spent a lot of budget on curing COVID-19. and economic recovery As a result, the investment budget is very small. therefore ready to negotiate with many financial institutions Especially the Asian Development Bank as a source of funding. Therefore, there must be more fiscal space to support development. crisis solution and risks that will occur in the future The Ministry of Finance has created a framework for fiscal sustainability. Therefore, the public debt ceiling has been raised to 70 percent. From the original 60 percent, but not necessarily all loans to the full ceiling to use as needed raising the public debt ceiling to accommodate crises that may occur in the future

Mr. Arkom views that in 2023, either before or after the election The continuity of development is very important, as ADB suggests, it will be a year of economic recovery in Asia. by driving 3 main factors: 1. Tourism utilization generate income for the country investment acceleration Infrastructure in the EEC encourages investment from the private sector.

2. after the COVID 19 period Lack of connection Citizens are banned from leaving the country, transactions, transportation are disrupted, so re-connect is required. Infrastructure investment build confidence in investment

3. Reform of international financial institutions to provide assistance to developing countries poor countries, including driving the BCG economy, creating a career, strengthening to the agricultural sector Reduce the government’s burden on agriculture. With crop insurance, income insurance, which has begun to be done in the state’s specialized banks, both BAAC and Exim Bank Which allowed Exim Bank to bring entrepreneurs out of the country to invest abroad.

Mr. Arkom views that Exim Bank’s mission is to bring Thai people out of the country to earn income into the country. There are many projects that the Thai private sector Interested in investing to bring money back into the country because in some period when the baht appreciation Thailand wants potential private sectors to invest money overseas. In order to weaken the baht, Exim Bank has invested in clean energy. In foreign countries, including Vietnam, Japan, attending this Korea conference. to negotiate with partner financial institutions and promote joint investment between Thailand and Korea in the future.-Thai News Agency

Source: Thai News Agency