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Amara Sripayak, the central bank's senior director of Domestic Economy, said the IMF agreed to Thailand's planned borrowing to stimulate domestic demand.

She said that the representatives have no comment on Thailand's economic growth prospect.

"The government's plan to raise the public debts ceiling from 50 per cent of gross domestic product for three years is necessary, due to the deterioration in global economy.

The economy is expected to further sink this year and probably recover in the next 1-2 years. Fiscal policies are vital, at least to boost the domestic demand and the economy.

That the government plans to invest Bt1.4 trillion in the next few years is positive and when clear investment plans are available, it should boost confidence," she said.