Government economy plan: Cost of living cuts, fuel and electricity price adjustments

[snoop1130]

 

The government plans to announce initiatives to reduce living costs and boost the economy in an upcoming Cabinet meeting. Deputy Finance Minister Julapun Amornvivat revealed these measures would involve changes to diesel and electricity prices.

 

A reduction in diesel excise tax is under consideration to lower retail prices at the pump and help the economy. A potential freeze on government debt payments to the Electricity Generating Authority of Thailand (EGAT) is also being discussed. This would ease EGAT’s burden, as it has been subsidizing household electricity rates since September 2021, costing around 135 billion baht.

 

The Pheu Thai Party‘s proposition to stimulate the economy by distributing 10,000 baht in digital cash was addressed by the party’s acting deputy leader, Kitti Limsakul, a member of the party’s policy committee. He stated that the disbursement would occur in two or three instalments, not all at once.

 

In response to critics questioning the feasibility of this policy, Kitti clarified that the policy does not conflict with the Bank of Thailand‘s (BoT) regulations and is entirely implementable. He further explained that digital money serves as a token, which can be traded for baht notes under the law on digital assets and development for the economy and society.

 

An initial cash payment of approximately 2,500 baht will be disbursed before holidays like Songkran, with its impact on the economy assessed for effectiveness. If successful, another 2,500 baht package would be released. The final payment of 5,000 baht would follow, aiming to boost the country’s annual GDP growth by around 5%.

 

By Neill Fronde

Caption: Photo Courtesy of Thai PBS World

 

Full Story: https://thethaiger.com/hot-news/economy/thai-government-economy-plan-cost-of-living-cuts-fuel-and-electricity-price-adjustments

 

-- The Thaiger 2023-09-04

 

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[John Drake]

Fiddledeedee.

[Cardano]

Ah, so now it's not 10,000 baht lump-sum anymore but 2,500 baht and only if that goes OK will there further tranches over an undisclosed time frame!

[hotchilli]

11 hours ago, snoop1130 said:

The final payment of 5,000 baht would follow, aiming to boost the country’s annual GDP growth by around 5%.

A couple of days ago that was a rise of GDP 3%

[jacko45k]

Hurry up.... my electric bill is due next week and with the current hot spell and my Mrs recent run of absent minded behaviour with lights and fans, I need a break!

[RichardColeman]

13 hours ago, snoop1130 said:

An initial cash payment of approximately 2,500 baht will be disbursed before holidays like Songkran, with its impact on the economy assessed for effectiveness. If successful, another 2,500 baht package would be released.

Ah, got, so if you don't spend it (and more of your own) you don't get anymore ?