(Bloomberg) -- Thailand’s government raised its new borrowing target by 560 billion baht ($15.7 billion) for the current fiscal year to finance budget deficit and new projects.

Under a revised public debt management plan approved by the cabinet on Tuesday, new borrowing for government, state enterprises and other agencies will increase to 754.7 billion baht from 194.4 billion baht cleared by Prime Minister Srettha Thavisin’s government soon after it took power in September, according to an official statement. 

The new fund-raising target is less than the 1.13 trillion baht in the fiscal year ended Sept. 30, 2023, official data show.   

Srettha’s government spending is hamstrung by a long-delayed budget bill that’s yet to clear the parliament. The 3.48 trillion baht budget draft law is under the consideration of lawmakers and is unlikely to become effective until May.

Under the new plan, the government will borrow 424 billion baht for interim spending ahead of the budget bill implementation. About 50 billion baht will be set aside as loans to subsidize energy prices through the state oil fund and the Electricity Generating Authority of Thailand.

©2024 Bloomberg L.P.