The Asian Development Bank (ADB) announced on August 4 that it will provide a loan worth 1.5 billion USD to support Thailand’s response to the COVID-19 pandemic.
|Thailand's rice exports hit hard by COVID-19 - Illustrative image (Source: VNA/AFP)
Bangkok – The Asian Development Bank (ADB) announced on August 4 that it will provide a loan worth 1.5 billion USD to support Thailand’s response to the COVID-19 pandemic.
ADB President Masatsugu Asakawa said that the loan will help reduce the pandemic’s social and economic impacts on the Southeast Asian country.
“Our budget support will help fund the government’s relief packages, which aim to better prepare the country’s health care system for possible future waves of COVID-19
; protect the vulnerable; support small and medium-sized enterprises (SMEs) in industries most affected by the outbreak such as tourism and manufacturing; and provide overall economic stimulus,” he said in a statement.
Thailand has one of the more developed health care systems in Southeast Asia, but the country remains highly vulnerable to the pandemic due to its deep integration with regional and global economies.
forecast Thailand’s economy to contract by 6.5 percent in 2020, in contrast with its December 2019 projection of a 3 percent growth.
The ADB said the loan
to Thailand is funded through its COVID-19 pandemic response option (CPRO) under its Countercyclical Support Facility.
CPRO was established as part of the bank's 20 billion USD expanded assistance for developing members to respond to COVID-19, announced on April 13.