Thailand plans to borrow $66B for fiscal year 2024 – markets sources

BANGKOK  – Thailand’s new government plans to borrow about 2.4 trillion baht ($66.4 billion) for the fiscal year 2024 starting Oct. 1, up about 9 percent from the current year, according to market sources briefed by the finance ministry.

The government plans to sell up to 272 billion baht ($7.53 billion) of government bonds in the October-December period, said three sources with knowledge of the bond plan, who participated in a virtual meeting that took place on Tuesday.

Asked about the plan, the finance ministry’s public debt management office earlier on Wednesday did not provide details but said a quarterly schedule for bond auctions would be released next week.

The sources, who declined to be identified because the information was not public, said the government also planned to sell 180 billion baht of treasury bills in the fourth quarter of 2023.

The bond plan comes as the new government, which took office last month, chalks out fresh policies to stimulate a sluggish economy weighed down by soft demand for exports and low investor confidence.

This week, the new cabinet approved higher budget spending of 3.48 trillion baht for fiscal year 2024, along with a larger budget deficit of 693 billion baht.

($1 = 36.160 baht)