The emergency decree authorising the government to borrow up to 400 billion baht to mitigate the impact of the energy crisis and support Thailand’s energy transition is now official, with publication on Saturday in the Royal Gazette.
Funds can be raised through domestic or foreign borrowing, or by issuing government debt instruments, and must be completed by Sept 30, 2027, according to the decree.
It states that the funds may only be used for two key purposes, with 200 billion baht devoted to each:
To provide assistance to people, farmers and business operators affected by the energy crisis.
To promote efficient energy use and support the shift away from fossil fuels towards renewable and alternative energy technologies. Funding can also go to skill training related to the energy transition.
A screening committee will be established to review and approve spending plans and projects, with senior officials from key economic agencies, as well as up to three experts appointed by the finance minister.
The Public Debt Management Office will oversee all aspects of the borrowing process, including disbursement, risk management, project evaluation and debt repayment.
The opposition Democrat Party said this week that it would ask the Constitutional Court to rule on the legality of the decree, though the government insists current conditions constitute an emergency.
The opposition People’s Party has called the energy transition portion of the decree too vague. It says that 200-billion-baht spending plan should be split off and subjected to the normal review process for the fiscal 2027 budget.
Finance Minister Ekniti Nitithanprapas said earlier that the decree would be submitted to parliament for discussion on May 14.