Thailand plans to borrow around $28 billion to repay debt

Thailand plans to borrow around $28 billion to repay debt

BANGKOK - Thailand's finance ministry plans to propose a special law to borrow around 700 billion baht (US$28 billion) to repay debt incurred from a rice buying scheme and at state enterprises, a senior official said on Tuesday.

"There will be a special law to clear up debts at state agencies, mainly the rice scheme," Theeraj Athanavanich, deputy director general of the ministry's public debt management office, told reporters.

He said the ministry was waiting for final approval from Finance Minister Sommai Phasee and Deputy Prime Minister Pridiyathorn Devakula, which is expected late this month or early next month.

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