BANGKOK, April 11 (Xinhua) -- Thailand's new cabinet on Saturday approved a comprehensive package of relief measures to cushion the economic impact and mitigate the risk of stagflation linked to the tensions in the Middle East.
The Thai government allocated a central budget exceeding 7.74 billion baht (around 241 million U.S. dollars) to assist citizens in coping with surging energy prices, subsidize transportation costs, and roll out nationwide cost-of-living reduction initiatives.
Deputy Prime Minister and Minister of Finance Ekniti Nitithanprapas said the package aims to ensure that upstream supply chain operators and farmers have enough liquidity to sustain operations, preventing cost burdens from being passed on to consumers.
The package encourages clean energy transition and mitigates energy price volatility by providing soft loans from state-owned banks for solar panels, electric vehicles, and energy-saving homes, he told a news conference.
The cabinet has also directed a reduction in state spending, including suspending overseas study trips and training in favor of domestic alternatives.
Additionally, government agencies have been instructed to implement work-from-home policies for roles that do not impact public services, aiming to reduce energy consumption and improve resource management efficiency.
The deputy prime minister noted that a holistic approach is being implemented to build a resilient business ecosystem, which will lay the foundation for a sustainable and inclusive economic recovery. ■
