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. Last Updated: 07/27/2016

Thai Borrowing Up

BANGKOK, Thailand -- Thailand's economic ministers Monday approved in principle a request for another $1.2 billion in loans to restructure the industrial sector and improve technology in a bid to boost exports.

Deputy Prime Minister Korn Dabarangsi, who is also industry minister, said a first tranche of $650 million would be made available in December through local banks. He did not stipulate terms of the loan.

The loans from the World Bank and the Asian Development Bank would come on top of a $17.2 billion International Monetary Fund rescue package to shore up foreign reserves following the float and 25 percent depreciation of the baht.