Ministry of Finance earmarks 100 billion baht to tourism

Author : Thai Property group Published on 26 February 2020
News

The Thai government intends to take measures to help tour operators in difficulty, particularly because of the coronavirus. Indeed, the Ministry of Finance is preparing to offer 100 billion baht of low-interest loans (3-4%), sponsored by the Government Savings Bank (GSB). 

Tourist operators who do not need additional funds will be able to benefit from other financial assistance such as debt suspension and reduced interest rates. The Central Bank is also planning to relax its loan loss provisioning requirements for banks in return for their aid. 

In order to maximize the dynamism of the tourism sector in Thailand and to avoid redundancies, measures such as training courses run by the Ministry of Tourism and Sports will be introduced. As well as fund-raising used to renovate housing or for business development. 

All these measures must be approved by the Cabinet on March 3. They are aimed at mitigating the impact of the coronavirus outbreak by boosting tourism in order to improve Thailand’s economic growth. 

Source : Bangkok Post Finance Ministry earmarks B100bn for tourism

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