IMF supports Thailand 4.0 policy

BANGKOK, Feb 26 (TNA) -- Senior officials of the International Monetary Fund (IMF) have given support to Thai economic development under the government-sponsored Thailand 4.0 policy which would help the country’s economy growing on a sustainable basis, according to Deputy Prime Minister Somkid Jatusripitak. Mr Somkid, responsible for Thailand’s economic affairs, said IMF officials discussed with him recently while visiting Thailand and they agreed that Thailand 4.0 policy is not a mere hi-tech economy, but also paving ways to create a balanced economy. Mr Somkid said he had told IMF officials that Thailand’s economy would continue growing in 2017 along with solid economic fundamentals. IMF officials expressed worries over Thailand’s public debt, said Mr Somkid, but he responded that the debt now stood at 45 per cent of gross domestic product and was within manageable by the government. Household debt is rather high now, but it is not worrisome and the Finance Ministry is categorising the debt whether which part is spent for business expansion purposes, he said. Also, IMF officials agreed with the Thai government in preparing continued budget deficit because Thailand’s economy is about to recover and deficit budget would help the government investment on improving basic infrastructures, said Mr Somkid. He said IMF officials had offered to help the Thai government in preparing plans to support elderly people in the kingdom, especially on finance as Thailand is entering aging society. (TNA)