Business leaders and economists in Thailand have generally welcomed a 136 billion baht ($4 billion) stimulus plan approved by the cabinet Tuesday to breathe life into the country's impoverished economic base.

"This is strong medicine," Banthoon Lamsam told reporters. The chairman of Kasikornbank, Thailand's fourth-largest bank by assets, went on to describe the package as "an injection right where the stagnation is."

The stimulus plan has three parts:

Loans totaling 60 billion baht over seven years to low-income earners with two years' interest waived.

A 5 million baht individual cash injection to over 7,000 tambon, or districts, nationwide for small construction and repair projects that employ locals.

A 24 billion baht budget for small government projects of less than 1 million baht that will be contracted to small and medium enterprises.

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