Thailand's joint parliamentary sitting oks foreign loan plans

21:01, August 17, 2010      

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Thailand's joint parliamentary sitting of senators and members of parliament Tuesday approved the Thai government's plans to seek loans from two international financial institutions, the Thai News Agency (TNA) reported.

The joint meeting, chaired by House Speaker Chai Chidchob, approved the plans enabling the government to acquire the loans from the World Bank (WB) and the Asian Development Bank (ADB).

According to the Bangkok Post's website, local media reports said the joint meeting voted 315 to 73, with 11 abstentions, in support of the plan to seek one billion U.S. dollar loan from the World Bank to finance the economic boosting projects under the public sector reform development policy.

The loan will be used to finance construction of main roads nationwide as these planned main roads will link Thailand with neighboring countries, the TNA report said.

Also, the meeting voted 314 to 73, with 11 abstentions, to allow the government to acquire a 300 million U.S. dollar loan from the Asian Development Bank for (ADB) its capital market development program.



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