Thailand's Senate has approved a fast-track executive decree authorising the government to borrow 400 billion baht ($11.7 billion) to finance economic stimulus spending and fiscal deficits. The upper house of parliament passed the bill tabled by Prime Minister Abhisit Vejjajiva with a 69-48 vote late on Monday but it delayed until August a vote on a separate bill seeking a further 400 billion baht for stimulus projects.
The combined 800 billion baht funding, proposed by Abhisit outside the normal annual budget, is part of a 1.43 trillion baht package to revive the recession-hit economy. The remaining 630 billion baht would come from the normal annual budget between 2009 and 2011, for which parliamentary approval is also required.