Bangkok: Prime Minister Ekniti has requested a meeting with the legal team to discuss issuing an emergency decree to borrow 500 billion baht and has instructed all agencies to summarize the necessary amount of borrowed funds. This move aims to alleviate the ongoing oil crisis impacting the nation.

According to Thai News Agency, Deputy Prime Minister and Minister of Finance, Ekniti Nitithanprapha, disclosed that the plan to issue an emergency decree to borrow 500 billion baht, which would raise the public debt ceiling from 70% to 75-80% of GDP, is still under consideration. The Ministry of Finance is evaluating the need for this measure and will engage in discussions with Deputy Prime Minister Pakorn Nilapraphan to achieve a consensus. Ekniti has directed relevant agencies to provide precise figures, including the 84 billion baht saved from budget transfers, to facilitate the decision-making process. Following instructions from the Prime Minister, an urgent policy has been initiated to cut unnecessary expenditures in the 2027 annual budget, after which the borrowing plan will be reassessed.

Regarding discussions with the three credit rating agencies, Ekniti noted that their primary concern was not the borrowing decision itself but the "purpose of the funds." The government must establish a clear strategy for using the money to support vulnerable groups and aid the economic transition due to the energy crisis. It is essential for the government to consider all aspects in a balanced manner. The focus should be on the strategic use of borrowed money rather than the act of borrowing itself.

"If we are going to borrow money, we must be clear about what we will use it for. For example, we can borrow to support vulnerable groups, and secondly, we can borrow for transitional programs to help people transition to relying more on oil and natural gas. This transition is something that has been widely accepted at the World Bank and IMF meetings," Mr. Ekniti stated.