Deputy Prime Minister Somkid Jatusripitak
Deputy Prime Minister Somkid Jatusripitak

IMF urges creation of Thai sovereign wealth fund

business March 09, 2018 16:56

By The Nation

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The International Monetary Fund (IMF) has suggested that Thailand create a sovereign wealth fund, Deputy Prime Minister Somkid Jatusripitak said on Friday.

IMF officials had met Somid to discuss the economic situation.

Somkid said the IMF suggestion was prompted by Thailand’s large accumulated foreign exchange reserves of US$215 billion. The sovereign fund should invest the reserves to generate more revenue for the country like many other countries do, the IMF officials suggested. 

Somkid explained that making use of international reserves is a sensitive issue in Thai society. He said the government previously had asked the central bank to study the creation of a sovereign wealth fund in order to ease pressure on the baht, which in recent years has risen against the US dollar.