Thai Prime Minister Anutin Charnvirakul has issued a directive to deputy Ekniti Nitithanprapas and the Council of State to assess the legal implications of issuing an emergency loan decree and boosting Thailand's borrowing limit, according to a Wednesday report by The Bangkok Post.
A loan decree could be legally feasible in current circumstances, Ekniti, who is also the country's finance minister, told the cabinet on Tuesday, according to the report.
The prime minister described it as a contingency plan to counter potentially deteriorating economic conditions. However, there was no formal discussion regarding a proposed 500-billion-baht borrowing decree at the cabinet meeting, the news outlet reported.
The country's public debt comes in at around 66% of GDP currently, below the 70% statutory ceiling, allowing for 800 billion baht in remaining borrowing capacity, according to the Bangkok Post.
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