PM confident that loan bill for “digital wallet” will be fully supported by coalition

[webfact]

 

Prime Minister Srettha Thavisin says he is confident that the government’s loan bill, needed to fund the digital wallet scheme, will sail through parliament with the support of the coalition parties’ 320 MPs.

 

Speaking from San Francisco in the United States, the prime minister admitted that there are both supporters for and opponents of the scheme, adding that he would like both sides to listen to explanations of the advantages and disadvantages of the scheme so that the issues may be discussed in a constructive manner.

 

He emphasised that the scheme has been carefully thought out and is necessary under the present circumstances, when the country’s economy is in crisis, due to slow annual growth of an average of 1.9% per year for the past 10 years, and in need of stimulation.

 

Full story: Thai PBS 2023-11-13

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Get our Daily Newsletter - Click HERE to subscribe

[expat_4_life]

The inevitable consequences of an "unelected" PM ... who found the job comes with a checkbook.

When will he announce that tax increases, which mostly impact the poor/marginalized, are unavoidable?

The same people he claims to champion will eventually pick up the tab.

[Will B Good]

21 minutes ago, webfact said:

He emphasised that the scheme has been carefully thought out

No one knows how it is to be funded, who will get the money, how and where they can spend it and on what.......and, most importantly, what the real impact of the handout will be on the Thai economy.

 

 

If he thinks that is "well thought out" ...God helps us

[bob smith]

when you elect a kangaroo government don't be surprised if people behave like animals.

 

Thailand, the hub of never quite getting it right!

[timendres]

35 minutes ago, webfact said:

He emphasised that the scheme has been carefully thought out and is necessary under the present circumstances, when the country’s economy is in crisis, due to slow annual growth of an average of 1.9% per year for the past 10 years, and in need of stimulation.

 

And, after this stimulation, the economy will still be in a shambles, but with raging inflation. Good times!

[Bobthegimp]

57 minutes ago, bob smith said:

 

Thailand, the hub of never quite getting it right!

 

Add Canada to that list. The illustrious leader campaigned on a platform of "the budget will balance itself".   Surprisingly, that hasn't turned out to be the case. 

[ukrules]

2 hours ago, Will B Good said:

No one knows how it is to be funded, who will get the money, how and where they can spend it and on what.......and, most importantly, what the real impact of the handout will be on the Thai economy.

 

 

If he thinks that is "well thought out" ...God helps us

 

I read that they're going to fund it with a loan from the Government Savings Bank.

 

[ukrules]

I hope the vote fails and the fallout from that breaks the coalition resulting in turmoil and a new PM.

[Eric Loh]

2 hours ago, Will B Good said:

No one knows how it is to be funded, who will get the money, how and where they can spend it and on what.......and, most importantly, what the real impact of the handout will be on the Thai economy.

 

 

If he thinks that is "well thought out" ...God helps us

The details of digital wallet scheme was announced on the 10th Nov. Only the purchase of consumer goods permitted within the district according to the citizen's ID card and can't be used for alcohol, tobbaco, debt payment, water, electricity, petrol and cant be exchange for cash. Borrowing from GSB bank and the latest news is the Ind & Agri Bank will involved. The loan will need to be approved by the Council of State and Parliamentary vote. Challenges will be whether they can get royal decree for the loan. May not pass that hurdle as loan is not deemed urgent as in the case of previous government's 1 trillion baht loan for covid recovery. It will impact the economy as it will generate a 3x spending multiplier and grow the economy by 5.9%. The risks are associated with financing such a big programme and whether the programme will generate the level of tax revenue that was expected. God cant help if the global economy don't recover well enough to benefit Thailand. 

Edited November 13, 2023 by Eric Loh
add word