Thai govt’s cash splash: 500 billion baht digital wallet green light

With a budget proposal of 3.48 trillion baht (US$96.5 billion) for the fiscal year under discussion, the Government of Thailand is determined to proceed with a significant 500-billion-baht (US$13.8 billion) digital wallet handout scheme, according to Deputy Finance Minister, Julapun Amornvivat. During the parliamentary debate, Julapun stated the possible necessity of securing a loan via a bill to finance the scheme.

The initiative, designed to provide 10,000 baht to each of the 50 million Thai citizens over six months, has raised concerns regarding its funding method, with critics branding it as fiscally reckless. Despite the criticism, the government is adamant about the scheme’s implementation, Julapun confirmed.

“Should there be adjustments, we’ll likely seek consent from the Parliament members once again. But the project will assuredly proceed.”

Furthermore, the government is optimistic about attaining a balanced budget in due time. The 2024 fiscal year’s budget, ending in September, aspires to increase spending by 9.3% and reduce the budget deficit by 0.3% to 693 billion baht from the preceding year.

Upon the budget’s second and third readings in the debate, the Senate will need to approve it, followed by a royal endorsement, reported Bangkok Post.

The government anticipates the budget to be ready for deployment by the start of next month, a delay from the initial commencement date of October 1, 2023. The postponement stems from a prolonged political stalemate after last year’s General Election on May 14. The new government was established in August.

Meanwhile, in related government news, a significant financial boost of 300 million baht (US$8.3 million) has been granted by the Thai Cabinet for the development of 13 projects aimed at tourism growth across four northern provinces: Phayao, Chiang Rai, Phrae, and Nan. The decision was made during a mobile meeting in Phayao, overseen by Prime Minister Srettha Thavisin during his two-day visit to the region.

On his tour, he also took time to survey the prospective location for a new airport in Phayao. During this visit, the Cabinet green-lit a proposal to establish a new Tourism Authority of Thailand (TAT) office in Phayao by the end of this year. This move falls in line with the broader plan to transform Phayao into the north’s primary tourism hotspot.