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Thai Fin Min:World Bank,ADB To Lend $1 Billion To Thailand Early '09
BANGKOK -(Dow Jones)- The World Bank and the Asian Development Bank have granted a combined $1 billion in loans to Thailand to finance infrastructure projects, Finance Minister Suchart Thada-Thamrongvech said Tuesday.
The agencies will each provide $500 million early next year. Most of the loans will be used to develop mass-transit projects, Suchart told reporters.
nasdaq.com
aka , money for mercedes'Quote:
Originally Posted by Mid
Thailand might need more mass transit in Bangkok , but it should be down the list of priorities.
Loan?
Has Thailand been good at paying in the past?
Didn't the Thai government buy some fire engines from a country in Europe and never pay for them.
Isn't it time that Thailand stopped pretending that its a poor country?
The saviour of Thailand paid back the last IMF loan in 2003 one year in advance, triggering a 100% increase in stock market and a new golden age...but the old envious man got too jealous and used his steel servants to chase him away.Quote:
Originally Posted by chitown
The country went back into misery and chaos.
Will the saviour be back ? shall justice triumph at last ?
Financial criminal organizations as the World Bank, International Monetary Fund, Asian Development Bank, et al could easily "loan" funds into the trillions any given fiscal year. Since the world is basically broke, with imaginary wealth and illusional worth - I ask, where do they come up with the cold hard cash? There is no wealth to support such cash....same old loans based on "credit", "speculation", and "fiat". As long as the worldwide markets continue to exist the fantasy, they're will be this continuous and make-belive ideal that there is imaginary wealth.
why do westerners "lend money" to these sleazy thais
Outside of the sleazy aspect, you don't believe that Western wealthy nations donated cash out of the kindness of there hearts, do ya? The world of international loans {bogus} and financial help is usually guised as pimping. Altruistic and philantropic they're not. They need...no, they have to perpetuate such "loans" as self-survival in the world economy. Think of it as blackmail. Control and maintenence cycles. I wholeheartedly agree with your premise. If the lesser developed markets collectively refused such offers in mass and consistently, you might find a different financial world and practice. By the way Jim....I'll send you a copy when finished.;)
Thailand wants US$1 billion from Asian Development Bank, World Bank
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BANGKOK, Nov 19 (TNA) – Finance Minister Suchart Thada-Thamrongvech on Tuesday announced that the ministry plans to seek loans for US$1billion -- Bt 35 billion -- from the World Bank and the Asian Development Bank to finance construction of Thailand's basic infrastructure projects.
He said the application for the loans is part of an international borrowing plan to support implementation of 13 state-supported projects initiated to help boost economic growth.
Should the Manila-based ADB be reluctant to lend or slow the loan extension, the ministry would seek the entire loan amount from the World Bank with a 15-24 year term and a grace period of 3-6 years and at a London Interbank Offered Rate (LIBOR) of 0.02-0.20 per cent.
LIBOR, a daily reference rate, is somewhat comparable to the US Federal funds rate.
A partial amount of the loans would be set aside to finance construction of six mega-projects such as the dark green- and light green- electric rail routes and dual-track railways.
Once the borrowed funds are injected into the system, Dr. Suchart said, they would help boost liquidity in the economic system and ease the impacts of the export slump due to the global financial crisis.
The finance minister added that the development projects must be implemented in conjunction with the approved national development strategy, offer high returns to the economy and society, and win approval from Parliament. (TNA)
enews.mcot.net
re OPQuote:
have granted
as aboveQuote:
plans to seek
:confused:
So what are they going to do spend the money artficially prop up the baht as they have been doing. All they have been saying for the past year is just financially strong they are what is this? Come on.
money that earlier reports suggested the Japanese would be providing ...:)Quote:
what is this?
I'm with you TizmeQuote:
Originally Posted by TizMe
Would not the revised ratings caused by huge loans from the World and Asian Development banks adjust Thailand standing to being in a "similar boat" as other sinking economies and therefore assisting to maintain the existing exrate and other indicators ?? :confused:
All this second guessing gets confusing after awhile !!
One thing we can all be sure of is that the Thai cement industry (and the major stake holders in this industry) will continue prosper from the infrastructure projects to be undertaken.