Govt brushes off central bank’s call for review of digital wallet scheme

[webfact]

 

The Bank of Thailand (BoT) has suggested that the government restrict the 'digital wallet' cash benefit scheme to around 15 million financially vulnerable individuals, instead of the planned 50 million in its proposal.

 

According to the BoT, this modification in the plan, costing 150 billion baht, can be effective immediately.

 

Yet, the government has dismissed the Bank's proposal, stating there are no new elements in the recommendations.

The BoT identifies low-income earners and state welfare card holders as the 'fragile' category.

 

They predict a cash injection would stimulate the economy more effectively, as these groups are likely to spend more and buy local goods.

 

The Bank's suggestion to implement the scheme in stages could decrease the strain on fiscal stability.

 

However, the current format, costing approximately 500 billion baht, could result in long-term fiscal pressures, risk credit rating downgrades, and deter potential investors if the public debt stability is not maintained.

 

Picture: Thai PBS

 

-- ASEAN NOW 2024-04-25

 

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[smedly]

sounds sensible but of course this government/pm will ignore sensible

 

I love to have heard the recent exchange between the BOT and PM on interest rate, my guess is it was a schooling for the PM

[hotchilli]

4 hours ago, webfact said:

The Bank of Thailand (BoT) has suggested that the government restrict the 'digital wallet' cash benefit scheme to around 15 million financially vulnerable individuals, instead of the planned 50 million in its proposal.

Lol.... 

[newbee2022]

They promised the money, now they have to stick on it.

If no pay they can forget the next election.

And the BOT should stand and make it more public that the Govt plans are idiocy, unless Thaksin will pay by himself.👏

[dinsdale]

28 minutes ago, newbee2022 said:

They promised the money, now they have to stick on it.

If no pay they can forget the next election.

And the BOT should stand and make it more public that the Govt plans are idiocy, unless Thaksin will pay by himself.👏

The thing is they promised the money with absolutely no idea where it would come from. You say "If no pay they can forget the next election" remember this populist BS from PTP was announced as an election platform an election they failed to win. Pay or not the results of the next election will be like the last only the 3rd iteration of FFP will win by a larger margin. 

[newbee2022]

20 minutes ago, dinsdale said:

The thing is they promised the money with absolutely no idea where it would come from. You say "If no pay they can forget the next election" remember this populist BS from PTP was announced as an election platform an election they failed to win. Pay or not the results of the next election will be like the last only the 3rd iteration of FFP will win by a larger margin. 

The hope that FFP will win the majority will probably depends on the 10.000 Baht, which means a lot to the poor.

So the Govt has to give this money if they want to secure the chance to be "elected" again.

[dinsdale]

1 minute ago, newbee2022 said:

The hope that FFP will win the majority will probably depends on the 10.000 Baht, which means a lot to the poor.

So the Govt has to give this money if they want to secure the chance to be "elected" again.

I disagree. People will take the money BUT they will not forget the what traitorous PTP has done. PTP will be severly punished for getting into bed with the military elite. Remember the military elite is the enemy of the PTP support base.

[khunPer]

Makes really good sense to help the "around 15 million financially vulnerable individuals, instead of the planned 50 million in its proposal"...

 

In reality, if given to 50 million people, it's not a "gift" from the government, it's a loan that the population will need to pay back plus some level of interest...