Bangkok - Thailand's parliament passed an executive decree allowing the finance ministry to seek 400 billion baht (11.8 billion dollars) in local loans to stimulate the economy.

The executive decree was passed late Monday night by a 248 in favour, 128 opposed vote, with 17 abstentions, after a 14-hour debate.

Finance Minister Korn Chatikavanij argued that the borrowing was necessary to meet an anticipated budget shortfall this year and to invest in various projects to stimulate the economy and create employment.

The approval showed that Thailand's coalition government, led by the Democrat Party, is sticking together.

Earlier Monday, the cabinet approved 4.4 billion baht (129 million dollars) in spending on tourism and school improvements to be handled by the Democrat's two main coalition partners, the Chart Thai Pattana and Bhumjaithai parties. (dpa)