Thailand Mulls Public Debt Ceiling Hike in Face of Energy Shock

Thailand is open to a higher public debt ceiling “if necessary,” Finance Minister Ekniti Nitithanprapas said, stressing that any additional spending should be channeled into investments that can help the Southeast Asian nation build resilience.

The government is “looking into the details” of such an increase from the current voluntary cap of 70% of gross domestic product, Ekniti said. The debt level is currently about 66%, including the liability of state enterprises and past liabilities of bailing out financial institutions in the wake of the Asian financial crisis in 1997.