Government to discuss measures to mitigate economic fallout from Russian invasion of Ukraine

The Thai Cabinet meets later today to discuss a number of measures aimed at mitigating the fallout from Russia’s invasion of Ukraine, according to a Bangkok Post report. Government spokesman Thanakorn Wangboonkongchana says PM Prayut Chan-o-cha will meet with officials to discuss the impact on the economy, in particular on global energy prices and instabilities in the equity and cryptocurrency markets.

Thailand’s Energy Minister, Supattanapong Punmeechaow, says officials continue to monitor developments closely and, while Thailand’s energy imports are not affected, the government will increase stocks to ensure the public is not impacted. Meanwhile, Foreign Affairs Minister Don Pramudwinai says relevant agencies have been instructed to prepare measures to minimise any fallout from the developing crisis in Ukraine.

“The price of energy, the stock market, currency exchange, trade, and investments are among issues the prime minister touched on and urged authorities concerned to make comprehensive plans for in case (the crisis) escalates further.”

The Bangkok Post reports that Don has welcomed news of talks between Ukraine and Russia.

“International politics is complicated and we can’t take it at face value. We hope that the international community will cooperate seriously to resolve this conflict and have it contained.”

The Finance Ministry also plans to hold talks with the Bank of Thailand to prepare for any future impact on the Thai economy. Minister Arkhom Termpittayapaisith says the talks will focus on the decision by the US and its allies to cut off some Russian banks from the Swift financial system, crippling their access to international transactions.

“We’re closely monitoring the situation and assessing how it will affect the tourism and exports sectors.”

SOURCE: Bangkok Post