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Thailand is set to soon borrow tens of billions of baht from the World Bank for various basic infrastructure projects.
Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong said on Wednesday that Thailand would be borrowing around one billion dollars, or approximately 30 billion baht, for the country’s basic infrastructure improvement plans.
Mr. Kittiratt’s statement was heard after his meeting with officers from the World Bank.
He added that details of interest rate and payback period were yet to be finalized.
The DPM brushed aside claims that the government had to borrow from the World Bank because it could not find any local sources of funding.
In related news, Mr. Kittiratt said that the value of the baht has weakened slightly.
He noted that the weaker baht, if caused by the imports of capital goods and machinery, would benefit the Thai economy over the long term.