Thai cabinet signs off on $3bn in borrowing for digital wallet

BANGKOK -- Thai Prime Minister Srettha Thavisin's cabinet on Tuesday approved adding 122 billion baht ($3.3 billion) to the 3.48 trillion baht fiscal budget, to be raised mostly from loans, as it seeks legal ways to finance its flagship digital wallet stimulus.

Additional borrowing of 112 billion baht ($3 billion) will require parliamentary approval, as it would elevate the public debt to just under the legal ceiling of 70% of gross domestic product, economists warned. Currently, Thailand's public debt is 11.47 trillion baht, or 63% of GDP.