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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Thai PM says loan will create up to two mln jobs AFP - Sunday, June 7 BANGKOK (AFP) - - Thai Prime Minister Abhisit Vejjajiva has urged lawmakers later this month to approve a 22-billion-dollar loan to fund an economic stimulus package, saying it would create up to two million jobs. ADVERTISEMENT Parliament will vote on whether to go ahead with seeking the loan during an extraordinary session starting on June 15, before the issue moves to the Senate, or upper house for approval. The government has said that the 800-billion-baht loan, mainly from local money markets, will fund a stimulus package worth 1.4 trillion baht over the next three years. "This (loan) is very important for stimulating the economy. If we follow the plan we can create jobs for 1.5 million to two million people in the next three years," Abhisit said in his weekly television programme. Thailand's constitutional court last week ruled unanimously in favor of the government going ahead with the first tranche of the borrowing, following a legal challenge by opposition MPs. Thailand's economy entered recession in the first quarter of this year as growth shrank by a bigger-than-expected 7.1 percent due to tumbling exports, the worst since the 1997 Asian financial crisis. The government has also revised down its growth forecast for 2009 to between minus 2.5 and minus 3.5 percent. The cabinet endorsed plans for the borrowing -- part of a so-called "Strong Thailand 2012" scheme -- in May. Finance Minister Korn Chatikavanij said 40 percent of the stimulus package will go on logistical systems, 17 percent on water resources, 10 percent on improvements in education and the rest on public health and tourism. Thailand announced an initial 117-billion-baht stimulus package in January. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Financial Crisis Thai PM says loan will create up to two mln jobsAFP - Sunday, June 7 World Bank: 900 mln dollar aid package to PakistanAFP - Friday, June 5 Montenegrin govt takes 50 pct of smelterReuters - Friday, June 5 Turkey unveils package to boost jobsReuters - Friday, June 5 Related Articles: Business China, Japan pledge to boost global economic recoveryAFP - Monday, June 8 WRAPUP 1-Airline industry outlook still grim - execsReuters - Monday, June 8 Delek says may bid in Greek petrol station tenderReuters - Monday, June 8 Vizio files TV patent suit against LG in U.S.Reuters - Monday, June 8 Israel's FIBI to sell 2.58 pct of HOT to Cool HoldingReuters - Monday, June 8 Enlarge Photo Thai PM says loan will create up to two mln jobs Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage Financial fallout Latest news on global credit crunch. All Full Coverage Most Popular – Business Viewed Carradine may have died from sex act: Thai police Wall Street ponders if rally can run further Susan Boyle out of London clinic: brother Black boxes may never be found: crash investigators World 'getting closer' to swine flu pandemic: WHO View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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