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ADB to Lend Thailand $1.5B to Face COVID-19

FILE PHOTO: People wear masks as a preventive measure against the coronavirus outbreak, in Bangkok, Thailand February 7, 2020. REUTERS/Soe Zeya Tun/File Photo
FILE PHOTO: People wear masks as a preventive measure against the coronavirus outbreak, in Bangkok, Thailand February 7, 2020. REUTERS/Soe Zeya Tun/File Photo
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ADB to Lend Thailand $1.5B to Face COVID-19

FILE PHOTO: People wear masks as a preventive measure against the coronavirus outbreak, in Bangkok, Thailand February 7, 2020. REUTERS/Soe Zeya Tun/File Photo
FILE PHOTO: People wear masks as a preventive measure against the coronavirus outbreak, in Bangkok, Thailand February 7, 2020. REUTERS/Soe Zeya Tun/File Photo

The Asian Development Bank announced Tuesday it will provide a $1.5 billion loan to Thailand to aid its response to the coronavirus pandemic.

Thailand´s Cabinet approved the borrowing plan at its weekly meeting, deputy government spokeswoman Ratchada Thanadirek announced separately. The loan agreement is expected to be signed by representatives of the multilateral bank and Thailand´s Finance Ministry by the end of this month.

The loan is being provided under the ADB´s COVID-19 Active Response and Expenditure Support Program, The Associated Press reported.

"It will help restore growth and set the stage for targeted private sector operations by ADB to support the government´s post-COVID-19 recovery, including priority areas such as infrastructure, trade, and supply chain finance," the bank said in a statement.

Interest on the loan is set at the six-month LIBOR rate plus 0.5%. In addition, Thailand must pay 0.15% per year as a commitment fee, which locks in the lending terms as long as there are undisbursed funds.

"The borrowing is a part of the 1.9 trillion baht ($61.1 billion) scheme approved earlier to stimulate the Thai economy," Ratchada said. "The Finance Ministry projects that the local monetary market will be more volatile in the near future. Local businesses will borrow much more to shore up their situation; meanwhile the government will also need take action to pop up local economy."

She said the government´s ratio of foreign currency debt to total public debt is still low. Consequently, the Finance Ministry proposed the plan so the government will not dry up the local money pool and instead leave it to the private sector which is in need of cash.

The ADB said it forecasts that Thailand´s economy will contract by 6.5% in 2020, compared to its December 2019 projection of 3.0% growth.

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World

US Military Expands Iran Blockade to Include Contraband Shipments

FILE PHOTO: Two F/A-18 Super Hornets launch from the flight deck of the US Navy Nimitz-class aircraft carrier USS Abraham Lincoln in support of the Operation Epic Fury attack on Iran from an undisclosed location March 3, 2026. US Navy/Handout via REUTERS
FILE PHOTO: Two F/A-18 Super Hornets launch from the flight deck of the US Navy Nimitz-class aircraft carrier USS Abraham Lincoln in support of the Operation Epic Fury attack on Iran from an undisclosed location March 3, 2026. US Navy/Handout via REUTERS
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US Military Expands Iran Blockade to Include Contraband Shipments

FILE PHOTO: Two F/A-18 Super Hornets launch from the flight deck of the US Navy Nimitz-class aircraft carrier USS Abraham Lincoln in support of the Operation Epic Fury attack on Iran from an undisclosed location March 3, 2026. US Navy/Handout via REUTERS
FILE PHOTO: Two F/A-18 Super Hornets launch from the flight deck of the US Navy Nimitz-class aircraft carrier USS Abraham Lincoln in support of the Operation Epic Fury attack on Iran from an undisclosed location March 3, 2026. US Navy/Handout via REUTERS

The US Navy said on Thursday the military had expanded a maritime blockade on Iran to include “contraband” shipments, adding that any vessel suspected of heading to Iranian territory would be subject to verification and inspection.

“These vessels, regardless of their location, are subject to boarding, inspection and seizure of cargo,” the Navy said in a statement updated after the blockade was imposed on Monday, according to Reuters.

Contraband includes weapons, weapons systems, ammunition, nuclear materials, crude oil and refined petroleum products, as well as iron, steel and aluminum.

As diplomatic activity intensifies, signals remain mixed over the course of US-Iran talks. A date for a second round of negotiations has yet to be set, with disagreements persisting over the nuclear file and sensitive issues related to highly enriched uranium and the duration of restrictions on Iran’s nuclear program.

World

IEA Chief Says Europe Has 'Maybe 6 Weeks or So' of Jet Fuel Left

Aircraft pass behind kerosene storage facilities at Liege Airport in Liege, Belgium, 16 April 2026. EPA/Olivier Hoslet
Aircraft pass behind kerosene storage facilities at Liege Airport in Liege, Belgium, 16 April 2026. EPA/Olivier Hoslet
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IEA Chief Says Europe Has 'Maybe 6 Weeks or So' of Jet Fuel Left

Aircraft pass behind kerosene storage facilities at Liege Airport in Liege, Belgium, 16 April 2026. EPA/Olivier Hoslet
Aircraft pass behind kerosene storage facilities at Liege Airport in Liege, Belgium, 16 April 2026. EPA/Olivier Hoslet

Europe has “maybe six weeks or so (of) jet fuel left,” the head of the International Energy Agency said Thursday in a wide-ranging Associated Press interview, warning of possible flight cancellations “soon” if oil supplies remain blocked by the Iran war.
IEA Executive Director Fatih Birol painted a sobering picture of the global repercussions of what he called “the largest energy crisis we have ever faced,” stemming from the pinch-off of oil, gas and other vital supplies through the Strait of Hormuz.
“In the past there was a group called ‘Dire Straits.’ It’s a dire strait now, and it is going to have major implications for the global economy. And the longer it goes, the worse it will be for the economic growth and inflation around the world,” he said.
The impact will be “higher petrol (gasoline) prices, higher gas prices, high electricity prices,” Birol told the AP, speaking in his Paris office looking out over the Eiffel Tower.
No country is immune Economic pain will be felt unevenly and "the countries who will suffer the most will not be those whose voice are heard a lot. It will be mainly the developing countries. Poorer countries in Asia, in Africa and in Latin America,” said the Turkish economist and energy expert who has led the IEA since 2015.
But without a settlement of the Iran war that permanently reopens the Strait of Hormuz, “Everybody is going to suffer,” he added.
“Some countries may be richer than the others. Some countries may have more energy than the others, but no country, no country is immune to this crisis," he said.
Without a reopening of the waterway, some oil products may dry up, he warned.
In Europe, “I can tell you soon we will hear the news that some of the flights from city A to city B might be canceled as a result of lack of jet fuel," he said.
Hormuz tolls a risk for the future Birol spoke out against the so-called “toll booth” system that Iran has applied to some ships, letting them travel through the strait for a fee. He said allowing that to become more permanent would run the risk of setting a precedent that could then be applied to other waterways, including the vital Malacca Strait in Asia.
“If we change it once, it may be difficult to get it back,” he said. “It will be difficult to have a toll system here, applied here, but not there.”
“I would like to see that the oil flows unconditionally from the point A to point B,” he said.
Even with a peace deal, strikes on energy facilities means it could be many months before pre-war production levels are restored, he said.
“Over 80 key assets in the region have been damaged. And out of these 80, more than one third are severely or very severely damaged,” he said.
“It will be extremely optimistic to believe that it will very quick," Birol said. “It will take gradually, gradually, up to two years to come back where we were before the war.”

World

EU, NATO to Work to Strengthen Relationship, Von der Leyen Says 

FILE PHOTO: A NATO flag flutters at the Tapa military base, Estonia April 30, 2023. REUTERS/Ints Kalnins/File Photo
FILE PHOTO: A NATO flag flutters at the Tapa military base, Estonia April 30, 2023. REUTERS/Ints Kalnins/File Photo
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EU, NATO to Work to Strengthen Relationship, Von der Leyen Says 

FILE PHOTO: A NATO flag flutters at the Tapa military base, Estonia April 30, 2023. REUTERS/Ints Kalnins/File Photo
FILE PHOTO: A NATO flag flutters at the Tapa military base, Estonia April 30, 2023. REUTERS/Ints Kalnins/File Photo

European Commission President Ursula von der Leyen said on Thursday that she agreed with NATO Secretary General Mark Rutte to work in the coming weeks to strengthen the European Union's relationship with the military alliance.

"We discussed the upcoming NATO Summit and how we can upscale defense industrial output in Europe," von der Leyen said in a post on social media platform X after meeting Rutte in Brussels, Reuters reported.

"We need to invest more, to produce more and to do both faster. With the rise in global security threats, we agreed to work closely together in the next weeks to strengthen the EU-NATO relationship and prepare a successful Summit in Ankara," she added.

Rutte said in a post about his discussion with von der Leyen that "a stronger Europe means a stronger NATO".