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


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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.

 

by Alex Morgan

Picture courtesy of Bangkok Post

 

 

Source: The Thaiger 2024-03-21

 

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12 minutes ago, hotchilli said:

If they don't honour it they will never win another election.

Not to worry , they have 3.48 Trillion baht to get their sticky little fingers into before then.

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32 minutes ago, hotchilli said:

If they don't honour it they will never win another election.

Is that a factor here... I have not really appreciated what that results in here yet?

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5 minutes ago, redwood1 said:

If retired expats dont also get 10,000 I will stop drinking Chang and Singha and start drinking San Miguel light....

Hopefully you are a man of your word... goodbye... you won't be happy in Mexico either... 555555

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57 minutes ago, hotchilli said:

If they don't honour it they will never win another election.

PTP didn't really "win" the 2023 election, ie., in the Parliament House. Which is why it must go forward with the scheme. Political "honor" is irrelevant.

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This was just a vote buying ploy ,Thaksin realised long ago give the public

populist policies ,use Government money and you don't have to use your

own money to buy votes ,that was the norm before then ,as with all populist

policies before there will be shrinkage ,thats a given ,then the Thai Government

will be saddled with even more debt for years ahead.......when the 10 K has been

 long gone..

 

regards Worgeordie

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1 hour ago, Kim Jones said:

Wonder what the age cut off is? Will my 10 year old daughter be eligible?

I thought originally it was from age 16...but at 77 I might be mistaken.  Surely someone has the criteria.

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They definitely have mighty wood for this idea.

It won't impact the economy aside from more debt? We know they don't care about future wins or losses, why would they, so who is this really for?

It gives off a real wheels within wheels vibe.

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1 hour ago, Karma80 said:

They didn't really win this one, in fairness. So it doesn't really matter.

Laterally thinking they won even before the election... MFP like the FFP had no chance of getting into parliament

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11 hours ago, webfact said:

is determined to proceed with a significant 500-billion-baht (US$13.8 billion) digital wallet handout scheme

doesn't mean it has been approved for payment - just more deflection 

 

your check is in the post lol

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7 hours ago, DPKANKAN said:

They still have not explained how the most neediest poor people living in the boonies, with no bank accounts, no electric, no mobile phones are going to get their share!!!!

 

9 hours ago, Kim Jones said:

Wonder what the age cut off is? Will my 10 year old daughter be eligible?

These issues are addressed in this article. https://www.nationthailand.com/thailand/economy/40030624

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