Thailand plans $1.6 billion of cash handouts to boost consumption

[snoop1130]

Thailand plans $1.6 billion of cash handouts to boost consumption

 

FILE PHOTO: A boy and his father, who are affected by the government's measures against the coronavirus disease (COVID-19), receive free food at a food pantry installed by people who want to donate at a community in Bangkok, Thailand, May 11, 2020. REUTERS/Athit Perawongmetha

 

BANGKOK (Reuters) - Thailand plans cash handouts worth 51 billion baht ($1.64 billion) to boost domestic consumption and support an economy struggling from the effects of the coronavirus pandemic, a government official said on Wednesday.

 

Southeast Asia's second-largest economy suffered the biggest contraction in more than two decades in the second quarter as the outbreak ravaged tourism and slowed spending.

 

Some 14 million low-income earners would receive 1,500 baht ($48.22) each, totalling 21 billion baht, government spokesman Anucha Burapachaisri told reporters after a meeting of a special economic task force on stimulus measures.

 

It will also offer 30 billion baht cash to 10 million people to buy goods during the final quarter of the year, scaling down an earlier plan to give 45 billion baht to 15 million people, he said.

 

Thailand has since June eased most of its coronavirus restrictions due to its low infection numbers, but a ban since April on foreign tourists is limiting the speed of its domestic recovery.

 

The handout plans, to be financed by some of the government's 1 trillion baht borrowing, will still need cabinet approval, Anucha said.

 

The government also plans to revise smart visa https://smart-visa.boi.go.th/smart rules to attract long-term investors, particularly those with special skills or those operating in targeted industries.

 

"We have to look at medium- and long-term problems too as we don't know when the COVID situation will be over," Prime Minister Prayuth Chan-ocha told reporters.

 

-- © Copyright Reuters 2020-09-16

 

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[Grumpy John]

A bit short on details.  We would be happy to  spends a government handout on a new upright freezer...being poor an all. ????

[PatOngo]

7 hours ago, snoop1130 said:

The handout plans, to be financed by some of the government's 1 trillion baht borrowing, will still need cabinet approval, Anucha said.

Spend today, payback for years! Another stimulating stimulus package! 

[Soikhaonoiken]

Can see lots of brown envelopes floating between government departments until all the cash has gone, and little being contributed to the needy.. 

[RichardColeman]

9 hours ago, Grumpy John said:

A bit short on details.  We would be happy to  spends a government handout on a new upright freezer...being poor an all. ????

You aint gonna get a great new upright freezer at 3,000 baht

[webfact]

Bt51bn consumption stimulus package gets green light

By The Nation

 

 

The government's Centre for Economic Situation Administration (CESA) on Wednesday approved a three-month consumption stimulus package worth Bt51 billion.

 

The “Kon La Khreung” (Let’s Go Halves) package will cover 24 million people in two groups.

 

 

In the first group, 14 million welfare cardholders will receive an extra monthly discount of Bt500 from October to December on their shopping. The budget for this scheme is Bt21 billion.

 

The second group of 10 million registrants will get daily discounts of Bt100 on food, beverages and household essentials (not including alcohol, tobacco or lottery tickets), capped at Bt,3000 per person. Thai citizens aged 18 or over can register online.

 

A CESA meeting chaired by PM Prayut Chan-o-cha agreed on a Bt51-billion budget to maintain domestic consumption and increase purchasing power for low-income groups and the general public, as proposed by the Finance Ministry.

 

The budget will be allocated from the government’s Bt400 billion recovery loan and proposed to the Cabinet on September 22, with registration scheduled to open on October 16.

 

About 100,000 small stores and street vendors are expected to participate.

 

Source: https://www.nationthailand.com/business/30394654

 

-- © Copyright The Nation Thailand 2020-09-17

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

[Grumpy John]

40 minutes ago, RichardColeman said:

You aint gonna get a great new upright freezer at 3,000 baht

555!  No!  Maybe the seller can book it out as a microwave,  a washing machine,  a coffee maker and a deep fryer....and vola!  12.000 baht and I pay the delivery!  Actually the Haier 152 can be had for 11.999 baht on Lazada.

[zzaa09]

Indeed.

Mindless consumption and accumulation.

The keystones of economies everywhere.

 

[colinneil]

Just another useless gimmick, instead of giving 1.500 baht to the poor, why not do something constructive?

Set up projects to help local communities, give people work, not a few baht to be spent on lao kao.

Handing out money, how ever small the amount is just encouraging laziness.

[PatOngo]

27 minutes ago, zzaa09 said:

Mindless consumption and accumulation.

Now..............what did Buddha say? ????

[NE1]

Where is all the money coming from?

Handout for farmers , bailing out rubber growers , subsidising holidays , I don't know how many billions has been given out in the 3,000 and 5,000 baht handouts.

Thailand as a country is/was a lot wealthier than I thought.

[Olmate]

4 minutes ago, NE1 said:

Where is all the money coming from?

Handout for farmers , bailing out rubber growers , subsidising holidays , I don't know how many billions has been given out in the 3,000 and 5,000 baht handouts.

Thailand as a country is/was a lot wealthier than I thought.

Read the post,they borrowed a trillion. You think any country has cash reserves to cover this debacle.

[CrunchWrapSupreme]

My wife and I were in my favourite Sukhumvit pub last week, throwing back beers, cocktails, and putting away burgers and onion rings.

 

Meanwhile, the Thai government is complaining about the lack of tourists and spending, while Thai immigration is dragging their feet on my Non-B, nit picking every last document, and threatening to kick me out.

[Tounge Thaied]

17 minutes ago, Olmate said:

Read the post,they borrowed a trillion. You think any country has cash reserves to cover this debacle.

What bank are all the governments around the world borrowing from?

[Olmate]

6 minutes ago, Tounge Thaied said:

What bank are all the governments around the world borrowing from?

Reserve banks backed by bonds maybe.

[Henryford]

$48 ! hope the low earners dont spend it on luxuries.

[ezzra]

The elderly mother of a friend of mine stopped receiving her monthly  pension and was told that money is tight and here we read this rubbish... so who do you believe?...

[Pravda]

46 minutes ago, NE1 said:

Where is all the money coming from?

Handout for farmers , bailing out rubber growers , subsidising holidays , I don't know how many billions has been given out in the 3,000 and 5,000 baht handouts.

Thailand as a country is/was a lot wealthier than I thought.

Well let's see. 

 

100,000 retirees in Thailand 

Half of them on 1 year extension. 800,000x50,000 = 40 billion. 

 

Other half bought a house in Isaan. 4 million for building a house while actual cost is maybe 1 million. 

 

50,000x3,000,000 = 150 billion. 

 

Thanks for u support old man

[steven100]

25 minutes ago, Tounge Thaied said:

What bank are all the governments around the world borrowing from?

IMF -   International monetary fund. 

[Pedrogaz]

Better than just giving it to the bankers as they do in US/UK/EU....but give a man a fish, feed him for a day; teach a man to fish, feed him for a lifetime. 

[Pedrogaz]

3 hours ago, zzaa09 said:

Indeed.

Mindless consumption and accumulation.

The keystones of economies everywhere.

 

It is the problem with capitalism and planned obsolescence. The shiny new stuff bought today is junk tomorrow and unless you buy something else from the same company at a higher cost, the company will go bust....then get bailouts from taxpayers.

[hotchilli]

3 hours ago, colinneil said:

Just another useless gimmick, instead of giving 1.500 baht to the poor, why not do something constructive?

Set up projects to help local communities, give people work, not a few baht to be spent on lao kao.

Handing out money, how ever small the amount is just encouraging laziness.

Agreed another short term policy... but Thailand does "short term so well" !!

[LittleBear57]

Who's going to get this cash wife lost her hairdressing job earlier this year she applied for the government help, got not a penny and non of her workmates either got anything either, most of the hairdressers have now gone bust. I wonder who actually got the money and who will receive this? Not the poor who've lost their jobs I'm sure.

[Bender Rodriguez]

and thai people who earn 100.000+ baht/month also get this, right...

[Enoon]

9 hours ago, colinneil said:

Just another useless gimmick, instead of giving 1.500 baht to the poor, why not do something constructive?

Set up projects to help local communities, give people work, not a few baht to be spent on lao kao.

Handing out money, how ever small the amount is just encouraging laziness.

 

What is troubling is that the initiative, as presented, is not primarily intended to help the poor.

 

It is aimed at "boosting consumption" in order to benefit shopkeepers and their suppliers.

 

Because (my narrow minded prejudice compels me to believe) those are the sort of people very likely to be supporters of the present regime.

 

The poor are being used.

 

 

 

Edited September 17, 2020 by Enoon

[zzaa09]

9 hours ago, Pedrogaz said:

It is the problem with capitalism and planned obsolescence. The shiny new stuff bought today is junk tomorrow and unless you buy something else from the same company at a higher cost, the company will go bust....then get bailouts from taxpayers.

Capitalism?

....and where might this illusion be praticed?