Thai govt unleashes 87 billion baht to jolt economy
Officials scramble to spend funds before deadline as US trade talks edge forward
Thailand’s government is throwing billions at the economy in a high-stakes bid to spark recovery before time runs out.
With just two months left in the fiscal year, the Budget Bureau has unleashed 87.36 billion baht to fund 148 urgent economic stimulus projects, according to Deputy Finance Permanent Secretary Theerarak Saengsanit.
The hefty injection accounts for 75.72% of the 115 billion baht Cabinet-approved stimulus budget rolled out in June. That sum is part of a larger 157 billion baht stimulus package spanning 481 projects designed to kick-start growth and create jobs.
“The projects aim to enhance short-term economic activity,” Theerarak said. “Agencies must proceed promptly with procurement in order to ensure disbursement in line with planned timelines. This will help generate employment and stimulate economic expansion as intended.”
To avoid delays and keep projects on track, the subcommittee on economic stimulus monitoring will meet monthly. A central dashboard titled the Economic Acceleration Plan under the 157 billion baht Framework will also be used to track progress and report directly to the economic stimulus policy committee.
The pressure is now on government agencies to move fast, finalise contracts, and pump funds into the system before the end of the fiscal year.
Meanwhile, Finance Minister Pichai Chunhavajira revealed that Thailand has submitted a complete package of trade negotiation proposals to the United States, a move seen as part of broader economic revitalisation efforts.
“The United States is now carefully reviewing the documents we’ve provided, which include revised terms as well as responses to specific issues they had asked us to clarify,” Pichai said.
When pressed on whether Thailand had offered tariff-free access on specific product categories, he declined to elaborate.
“It would be inappropriate to discuss this publicly, as it could affect domestic industries involved,” he said.
Pichai added that any final trade agreement with the US would require approval from Thailand’s Parliament before being implemented, Bangkok Post reported.
As the clock ticks down, the government’s bold spending spree and sensitive trade negotiations are shaping up to be the twin pillars of its economic rescue plan.
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