Thailand estimates over $397 million in economic damage from border conflict with Cambodia

BANGKOK - Thailand has estimated the initial costs of evacuation and damaged property at more than 10 billion baht (S$397 million) after

a five-day border conflict with Cambodia,

and is expecting the eventual economic impact to be even bigger, the finance minister said on July 29.

The government is preparing an initial budget of 25 billion baht to mitigate the effects, Mr Pichai Chunhavajira told reporters.

“I have to gather the budget for this as it will also stimulate the economy because there will be construction, house repairs and many more,” he said.

“It might not be enough and we may need to seek more,” he said, adding the initial estimated damage had yet to include the disruptions in trade.

In a separate statement, Mr Pichai said the finance ministry had announced various relief measures to assist people and businesses affected by the border conflict.

State-owned banks are offering measures including loan repayment deferrals, low-interest loans, refinancing options, and fee exemptions to support recovery efforts, he said.

Tax measures include extending tax filing and payment deadlines to September, and tax deductions for repair costs – up to 100,000 baht for homes and 30,000 baht for vehicles, Mr Pichai said.

The government has also allocated 100 million baht to each affected province to meet local needs, which can be increased if necessary, he said. REUTERS