The Pheu Thai Party yesterday announced a set of policies aimed at addressing Thailand‘s mounting debt crisis in the run-up to the 2023 General Election. The party believes that these policies will be well received by voters and will help secure their victory in the upcoming polls.
The election, expected to be held on May 6 or 7, will see several parties, including the United Thai Nation Party, Move Forward Party, Democrat Party, and Palang Pracharath Party, competing for seats in the House of Representatives. The Pheu Thai Party’s progressive policies, however, are expected to be particularly attractive to voters.
One key policy that the Pheu Thai Party has put forward is aimed at addressing four major types of debt that are currently crippling Thailand and its citizens. These include public debt, debt facing farmers, debt incurred by small and medium-sized enterprises (SMEs), and non-bank debt, Bangkok Post reported.
Paopoom Rojanasakul, deputy secretary-general of the party and member of its economic policy committee, noted that Thailand’s public debt has risen sharply by 5.16 trillion baht over the past eight years under the current Prayut Chan-o-cha administration.
“As it could take up to 74 years to pay off all this substantial debt, Pheu Thai has created new policies to fast-track the country’s economic growth.
“To help the 90% of agricultural households that are struggling to repay their debts, with 430,000 baht per family owed on average, the party will introduce a new three-year debt moratorium programme.
“As for the 200 billion baht in bad debt owed by SMEs in 2.3 million non-performing loan accounts, the party will introduce a one-year debt moratorium. This will be implemented along with a debt-restructuring programme.
“For the more than 1.4 million people overwhelmed by non-bank debts, Pheu Thai will use pico-finance as a key mechanism to compete with those offering non-bank loans, he said.
“Pico-finance which offers loans with a lower interest rate will attract people to borrow from the government.”
The Pheu Thai Party also plan to introduce a 600-baht daily minimum wage for Thai workers, offer a 25,000-baht salary for graduates by 2027 and reduce agricultural products and utility bills.
With its focus on addressing the pressing economic challenges facing the country, the Pheu Thai Party’s policies are likely to resonate with many voters.
As the election approaches, it remains to be seen which party will ultimately form the next government of Thailand. However, the Pheu Thai Party’s proactive approach to tackling the debt crisis could help give them a competitive edge in the polls.
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