PM assures digital wallet benefit distribution in last quarter of year

[snoop1130]

 

Prime Minister Srettha Thavisin reiterated today that the “digital wallet” scheme will go ahead as planned and that about 50 million eligible people will receive the Bt10,000 state benefit in the fourth quarter of this year.

 

Before chairing a meeting of the scheme’s policy committee this morning, the prime minister inquired about the whereabouts of the governor of Bank of Thailand, Sethaput Suthiwartnarueput, who had not shown up for the meeting.

 

Ronadol Numnonda, the deputy governor of the central bank, representing it in place of the governor, reportedly told the prime minister that Sethaput was engaged in a meeting of the monetary policy committee.

 

Full story: Thai PBS 2024-04-10

 

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[hotchilli]

14 hours ago, snoop1130 said:

Prime Minister Srettha Thavisin reiterated today that the “digital wallet” scheme will go ahead as planned and that about 50 million eligible people will receive the Bt10,000 state benefit in the fourth quarter of this year.

+ interest ?

[webfact]

Thai government’s 500-billion-baht digital wallet scheme launches this quarter

by Mitch Connor

 

Picture courtesy of Government House

 

Prime Minister Srettha Thavisin announced yesterday that the government’s 500-billion-baht digital wallet initiative will be launched in full swing in the fourth quarter to stimulate economic growth. This flagship policy of the ruling Pheu Thai Party plans to distribute 10,000 baht to 50 million Thai citizens for spending within their local communities over six months.

 

Srettha, who also serves as the finance minister, asserted during a briefing that the policy would enhance GDP by 1.2 to 1.6%. He emphasised the need for substantial stimulus measures for the economy, which may have seen less than 1% growth in the first quarter following a 1.7% annualised growth in the final quarter of 2023.

 

According to PM Srettha, the handout scheme will provide a cash injection to help alleviate the economic strain on locals due to the increasing cost of living, while also improving the living standards of vulnerable groups and farmers. He added that the initiative will bolster local economies, fostering self-reliance in more communities. Additionally, the scheme will support the development of digital technologies and innovation.

“Today, the government is delighted to announce that the 10,000-baht (US$ 270) digital wallet handout scheme, which is the government’s flagship policy, will officially begin. The government has been trying its utmost to overcome obstacles and limitations until this day when it has acted on its promise. The policy is in line with the law and strictly complies with financial discipline.”

Deputy Finance Minister Julapun Amornvivat clarified that the digital wallet scheme, requiring 500 billion baht (US$ 13 billion), will be funded through three sources. Of the total, 152.7 billion baht (US$ 4 billion) will be sourced from the 2025 fiscal year budget, while an additional 172.3 billion baht (US$ 4.7 billion) will be borrowed from the Bank for Agriculture and Agricultural Cooperatives’ budget for the 2025 fiscal year under Section 28 of the State Fiscal and Financial Disciplines Act.

 

This sum will be allocated to 17.23 million farmers. The remaining 175 billion baht (US$ 4.8 billion) will be derived from the reallocation of the 2024 fiscal year budget.

 

Digital wallet

 

Registration for the handout will commence in the third quarter and the funds can be spent in the fourth quarter. A subcommittee under the Digital Wallet Policy Committee will monitor any potential breaches of the scheme’s criteria and other related laws. The Finance Ministry will present the scheme for Cabinet approval this month, according to Amornvivat.

 

Finance’s permanent secretary, Lavaron Sangsnit, insisted that the scheme will be funded under the Budget Act and the State Fiscal and Financial Disciplines Act. Thais aged 16 and over, earning less than 70,000 baht (US$ 2,000) a month and with less than 500,000 baht (US$ 3,600) in their bank accounts, are eligible to receive the 10,000-baht handout. Based on these conditions, approximately 50 million individuals will be eligible, a decrease from the initial estimate of 56 million.

 

The handout is strictly for purchasing food and consumer goods. It cannot be used for online purchases, cigarettes or alcohol, cash vouchers, or valuable items like diamonds, gems, or gold. Neither can it be used for debt repayment, utility bills, fuel, natural gas, or tuition fees.

 

The funds must be spent within the district where the recipient’s home is registered. Despite facing criticism from some economists and former central bank governors, who deemed the scheme fiscally irresponsible, the government has been striving to finance the initiative without adding to the public debt, reported Bangkok Post.

 

Former election commissioner, Somchai Srisutthiyakorn, criticised certain aspects of the scheme yesterday via Facebook.

 

He pointed out the government’s lack of clarity regarding the interest rate and repayment period for the 172.3-billion baht loan from the BAAC.

 

Source: The Thaiger 2024-04-11

 

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[JoePai]

"Watch man" would be proud of his prodigy

[ronster]

But will more than likely only be able to be spent in certain businesses owned by the rich of the country .

[klauskunkel]

17 hours ago, snoop1130 said:

Prime Minister Srettha Thavisin reiterated today that the “digital wallet” scheme will go ahead as planned

His statement above clearly says that this scheme was designed to proceed this way..., all the controversy, the desperate looking for funds, the legal wrangling - all was well planned and accounted for by the governmental mastermind in charge of the country.

[scooterboy]

Finance’s permanent secretary, Lavaron Sangsnit, insisted that the scheme will be funded under the Budget Act and the State Fiscal and Financial Disciplines Act. Thais aged 16 and over, earning less than 70,000 baht (US$ 2,000) a month and with less than 500,000 baht (US$ 3,600) in their bank accounts, are eligible to receive the 10,000-baht handout. Based on these conditions, approximately 50 million individuals will be eligible, a decrease from the initial estimate of 56 million.

 

Aaahhh...Thai math again.  "70,000 baht (US$ 2,000) a month and with less than 500,000 baht (US$ 3,600) in their bank accounts,".....half a mil Thb might be around the 142K Dollar mark, based on the 70K example, rather than a paltry 3.6K. 

 

No wonder the country is a leader in math.....

 

 

[Purdey]

When the baht plummets to 50 to the dollar call an election and let Future Forward take the blame. 

[brianthainess]

3 hours ago, webfact said:

The handout is strictly for purchasing food and consumer goods. It cannot be used for online purchases, cigarettes or alcohol, cash vouchers, or valuable items like diamonds, gems, or gold. Neither can it be used for debt repayment, utility bills, fuel, natural gas, or tuition fees.

Oh come on the shops can scam this so easily surely Shirley.

[brianthainess]

3 hours ago, JoePai said:

"Watch man" would be proud of his prodigy

Please be quiet I'm trying to sleep.

 

[brianthainess]

Todays spot the difference game.

 

[Will B Good]

i really don"t follow their logic.....it cannot be spent on liquor or cigarettes.......but if you are given B10k for your groceries you now have B10k that your not spending on groceries to buy liquor and cigarettes......???

 

CP will be laughing all the way to the bank.

[Will B Good]

26 minutes ago, brianthainess said:

Please be quiet I'm trying to sleep.

 

I think he might be having a tug.

[brianthainess]

1 minute ago, Will B Good said:

I think he might be having a tug.

More like wondering where it's gone. 

[Will B Good]

2 minutes ago, brianthainess said:

More like wondering where it's gone. 

Don't tell he has watch strapped to it.....!!

[GarryP]

An attempt by Pheu Thai to remain valid. However, this pseudo vote buying scheme will not help them. It is about as much use as a fart in a jam jar, but at least the jam jar wouldn't negatively impact the economy. This party seems to be really good with the money wasting schemes that have more negatives than positives, including the land bridge farce.  

Edited April 11 by GarryP

[Will B Good]

If this wallet scheme actually worked.....wouldn't every nation on Earth be doing it....and doing it annually?

[PETERTHEEATER]

My wife says she wont wait until the fourth quarter. She's going with 'this quarter' as revealed in the headline. 

[Peabody]

So most of the money is being borrowed from next year's budget?
 

Borrow it forward!  🙂

[spidermike007]

An assurance from this guy means as much as a promise to be noble and righteous from Trump. Or a promise from Putin to honor and respect humanity. 

 

Sretta has shown the Thai people how incredibly insincere and phony he is, many times over. He is an empty suit and a very poor leader. 

[proton]

Mrs already taken cash out so she is under the 500k limit, they will all be at it 😁 Votes for cash never seems to work they lost again!