Nation Thailand
Ekniti closes parliamentary debate and defends energy loan decree
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Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas closed the parliamentary debate on the government’s emergency borrowing decree at 8.06pm on Wednesday (August 26), insisting that the measure was necessary to address the energy crisis and strengthen Thailand’s economy for the future.
Key facts
- Global diesel prices rose by about 60%, and although the government used the Oil Fuel Fund to ease the impact, domestic prices still increased by approximately 30%.
- The decree authorises the Finance Ministry to borrow funds to mitigate the effects of the energy crisis and support the country’s energy transition.
- Inflation moved from negative territory in the first quarter to almost 3%, while average costs rose by around 10%.
- Responding to arguments that the energy transition was a long-term matter that could be pursued gradually, Ekniti pointed to Thailand’s current account, which recorded a deficit of nearly 600 billion baht in the second quarter.
Summary
The decree authorises the Finance Ministry to borrow funds to mitigate the effects of the energy crisis and support the country’s energy transition.
Ekniti said the government had listened carefully to views from all sides during the debate. Some opinions differed, others were broadly aligned, while several points may have arisen from misunderstandings.