Thai cabinet approves $12.2 billion emergency borrowing decree, PM says

BANGKOK, May 5 : Thailand's Cabinet on Tuesday approved an emergency decree to borrow 400 billion baht ($12.2 billion) to alleviate cost of living pressures and support energy costs, Prime Minister Anutin Charnvirakul said. The borrowing is necessary because higher energy prices will impact everyone, Finance Minister Ekniti Nitithanprapas said. Half of the borrowing will be targeted towards vulnerable groups and the other half will be used to help the energy transition. "We have to help vulnerable groups," he said, adding the government will try to reduce living costs and push for clean energy use. All of the borrowing will be sourced from within Thailand, he said, adding that the decree will be put to parliament next week.