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Financial Measures to Help Businesses Recover from COVID-19 Pandemic

The Cabinet on 23 March 2021 approved two financial measures, worth 350 billion baht, to help businesses recover from the COVID-19 pandemic and enable them to continue operations in the post-COVID-19 era.

The first measure involves a soft loan of 250 billion baht to be offered to business operators that have good potential to maintain their business and employment. The credit will be extended to SME operators affected by COVID-19 infections.

The second measure involves a fund of 100 billion baht to be used for asset warehousing. In this measure, indebted operators can transfer collateral to repay debts and buy their assets back over a period of three to five years.

These measures are a result of cooperation between the public sector, financial institutions, and private organizations. They aim to boost liquidity in the business sector and provide additional financial sources for entrepreneurs in line with the present economic situation.

Concerning the COVID-19 pandemic, Prime Minister and Defense Minister Gen. Prayut Chan-o-cha said that COVID-19 has proven that government alone cannot effectively tackle such a crisis. It requires the collective efforts of all stakeholders.

In his address on 23 March 2021 at the virtual 2021 OECD Global Anti-Corruption and Integrity Forum, the Prime Minister said that Thailand has forged partnerships with all stakeholders in society by setting up the Center for COVID-19 Situation Administration (CCSA), bringing together 16 government agencies, business representatives, and relevant experts to coordinate policy and decide upon emergency measures to manage the pandemic.

This comprehensive decision-making mechanism, he said, has enabled Thailand to promptly respond to COVID-19 and help those most in need in an inclusive and fair manner. As a result, Thailand has been recognized internationally for its effective and successful management of COVID-19.

 

Source: The Government Public Relations Department

 

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