Concerns raised over legality of govt’s digital wallet borrowing plan

[webfact]

 

The Bank for Agriculture and Agricultural Cooperatives’ (BAAC) labour union raised concerns about the government’s plans to borrow 172.3 billion baht (US$4.7 billion) from the bank to fund a digital wallet handout scheme. The union is questioning the legality of this plan and has sought guidance from the State Enterprise Policy Office, the Bank of Thailand, and the Council of State.

 

The union has called on the BAAC to communicate with the public and within the organisation to assure them that no action has been taken regarding the digital wallet scheme while they await feedback from the aforementioned agencies. They emphasised that the bank’s involvement in the scheme must comply with the law and align with the interests of its customers and the institution.

 

This is not the first time the union has voiced its concerns. They previously opposed the bank’s decision to approve 50 billion baht (US$1.4 billion) to pay farmers who pledged their paddy under the financially challenged rice-pledging scheme in 2014.

At that time, the government was a caretaker government and did not have full authority. However, with the Srettha government now in full authority, the union is seeking clarification on the legality of the borrowing plan for the digital wallet programme.

Prime Minister Srettha has dismissed reports that the borrowing plan has led to a rush on the bank’s deposits.

 

On the other hand, former Prime Minister Thaksin Shinawatra expressed confidence in the government’s 500-billion-baht (US$14 billion) handout during his visit to his home province of Chiang Mai for the Songkran festival. Thaksin dismissed the criticism, stating that the country’s economy, though currently sluggish, is expected to improve after the digital wallet rollout.

 

“Thailand’s growth is slower than that of other ASEAN countries because there isn’t enough money in the system. The government seeks to inject money to stimulate it.”

 

Thaksin attributed the sluggish economy to the delayed approval of the annual budget and bureaucratic changes that slowed implementation, reported Bangkok Post.

 

Thai Pakdee Party leader Warong Dechgitvigrom urged BAAC executives to stick to their principles.

 

“The money must be used according to Section 9 of the BAAC Act to support farmers in their agricultural livelihoods. Distributing BAAC funds through the digital wallet project could violate the law.”

 

by Mitch Connor

Picture courtesy of Bangkok Post

 

Full story: The Thaiger 2024-04-15

 

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[bannork]

Pheu Thai know full well that the implementation of their poorly disguised vote buying 10,000 baht gift is essential for their next election chances.

If this is scuppered, so are they.

[it is what it is]

they really should have got their ducks in line before making any announcement. this has been going on for ages.

[hotchilli]

4 hours ago, webfact said:

On the other hand, former Prime Minister Thaksin Shinawatra expressed confidence in the government’s 500-billion-baht (US$14 billion) handout during his visit to his home province of Chiang Mai for the Songkran festival. Thaksin dismissed the criticism, stating that the country’s economy, though currently sluggish, is expected to improve after the digital wallet rollout.

Why does this man even have a voice?

Rhetorical.

 

 

 

[hotchilli]

3 hours ago, it is what it is said:

they really should have got their ducks in line before making any announcement. this has been going on for ages.

Possibly they offered the vote bribe before they realised Prayut had emptied the pot.

[jacko45k]

11 minutes ago, hotchilli said:

Why does this man even have a voice?

Rhetorical.

 

 

 

Agreed... reminds me of the early 2000s when I came here, his face plastered all over the place. At least then he was the leader and it was a better face!

[watchcat]

21 minutes ago, hotchilli said:

Why does this man even have a voice?

Rhetorical.

 

 

 

 

I thought he was discualified from politcal stuff 15 years or so ago according to himself.

[Thingamabob]

Expect a lot more vote buying and corruption now Thaksin is back. 

[brianthainess]

5 hours ago, webfact said:

“Thailand’s growth is slower than that of other ASEAN countries because there isn’t enough money in the system. The government seeks to inject money to stimulate it.”

It just sounds all crazy to me, 'Rob Peter to Pay Paul' comes to mind. 

[ozz1]

Show me the money wheres all the reserves we were told about if they can't afford it don't do it but that will be the end of their political life   hangon they didn't get the highest number of votes anyway we all know who's pulling the strings

[digger70]

Concerns raised over legality of govt’s digital wallet borrowing plan 

 

No concern now the BOSS is Back (Thaksin) He has enough money stashed away to cover this .