MP Criticizes Plan to Use Central Fund for Digital Wallet Scheme

[webfact]

 

Nattapong Ruangpanyawut, a member of the Move Forward Party, expressed concern over the Pheu Thai-led government's intention to finance part of their new digital wallet project using the Central Fund. This, he claims, could threaten the country's treasury and financial discipline.

 

Ruangpanyawut argued that the Central Fund, primarily meant for emergency, necessity-based expenditure, should not be contributing to this controversial project, estimated to cost 500 billion baht.

 

He stressed that this could potentially violate laws regarding state treasury and financial discipline.

 

The digital wallet project funding reportedly comes from three sources - 175 billion baht from this year's government budget, 152.7 billion baht from next year's budget, and 172.3 billion baht borrowed from the Bank for Agriculture & Agricultural Cooperatives (BAAC).

 

Critics, including Bank of Thailand Governor Sethaput Suthiwartnarueput and Move Forward lawmakers, disagree with the use of BAAC's borrowed money for this cause.

 

Besides, Ruangpanyawut noted that spending such a substantial portion of the Central Fund on the digital wallet project could stress the government's finances and potentially breach legal spending limits.

 

Srettha Thavisin, Prime Minister, however consented to his Finance Minister, Pichai Chunhavajira's offer to negotiate with the central bank governor on this matter.

 

Sethaput, had suggested that the number of people qualified for the 10,000-baht digital wallet be cut down and limited to welfare cardholders and fragile groups. Thavisin denied any plan to remove Sethaput for his opposition to the project, due to start in Q4 this year.

 

Picture courtesy of Thairath

 

-- 2024-05-08

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[retarius]

It seems that this insanity will not die of natural causes. Someone needs to stick a stake through its heart to kill it off. 

[Tropicalevo]

11 minutes ago, retarius said:

It seems that this insanity will not die of natural causes. Someone needs to stick a stake through its heart to kill it off. 

Good comment.

The problem is that the sponsors have no heart.

[ikke1959]

I am wondering what is secretly hidden in the 10k wallet... In life nothing is for free and why should a Government give 10k for free??. besides that it is very dangerous to loan from Agricultural Bank... What will happen if there is new economic crisis as many years back?? Every bank in Thailand will collapse

[Ben Zioner]

1 hour ago, retarius said:

It seems that this insanity will not die of natural causes. Someone needs to stick a stake through its heart to kill it off. 

Since it is blatant vote buying we need another Army "intervention".

[hotchilli]

5 hours ago, retarius said:

It seems that this insanity will not die of natural causes. Someone needs to stick a stake through its heart to kill it off. 

If they want to kill off the digital wallet scam which was used to buy votes then the country should demand a new and immediate election.

[hotchilli]

5 hours ago, ikke1959 said:

In life nothing is for free and why should a Government give 10k for free??

It wasn't for free... it was for peoples vote

[Bobthegimp]

8 hours ago, webfact said:

potentially violate laws regarding state treasury and financial discipline

 

The sober man amongst the fiscal drunkards. 

 

Every time I see the PM I expect him to bite through steel cables or bend an iron bar.

[Bobthegimp]

2 hours ago, hotchilli said:

It wasn't for free... it was for peoples vote

 

Partly that, partly funneling billions of baht into favoured corporate coffers and partly ushering out cash to bring in a CBDC. 

[Purdey]

This is such an incompetent government.

[billd766]

12 hours ago, Ben Zioner said:

Since it is blatant vote buying we need another Army "intervention".

YOU might think so, but I suspect that millions of THAI VOTERS may disagree with you. After all, it is their country and not yours.

 

I hope that you are speaking for yourself only and anybody who may agree with you.

 

"We" is a plural term. and you certainly do NOT speak for me, nor my Thai family or my Thai friends.

Edited May 8 by billd766
corrected some bad spelling

[Ben Zioner]

32 minutes ago, billd766 said:

YOU might think so, but I suspect that millions of THAI VOTERS may disagree with you. After all, it is their country and not yours.

 

I hope that you are speaking for yourself only and anybody who may agree with you.

 

"We" is a plural term. and you certainly do NOT speak for me, nor my Thai family or my Thai friends.

Yes I am plural.

[eisfeld]

14 hours ago, webfact said:

Sethaput, had suggested that the number of people qualified for the 10,000-baht digital wallet be cut down and limited to welfare cardholders and fragile groups.

 

You have to admire the audacity. They promise voters 10k THB if they vote them into power. Money that is not theirs but belongs to the people and so essentially they promised them 10k out of their own money. But it gets better. The funds for that are not even there, the people don't have the 10k THB to give to themselves. They have to borrow. So they promised to give the voters 10k THB which they want the voter to borrow from somewhere else. Isn't that a super nice present?

 

Anyone want a free car? I can give you one as long as you borrow 1M THB to pay for it. Any takers? No? 😞

[Srikcir]

On 5/8/2024 at 7:51 AM, webfact said:

Pheu Thai-led government's intention to finance part of their new digital wallet project using the Central Fund.

Unnecessary and economically dangerous to add further already record national debt.

There are traditional legislative mechanisms in place for funding,  ie., reduce government spending and increase Treasury funds. 

If required for national security, reduce military funding for next 3 years for nonessential programs but apply taxes to RTM self-funding commercial programs. Raise taxes on the "one per-centers," on mega corporations, reduce VAT refunds on foreign purchases. 

The RTM will oppose all such remedies, so let it publically do so. Then retract the digital wallet scheme and blame the RTM for its obstruction. A brave, unprecedented move but Thavisin will show he's not anyone's political lapdog - might garner support from MFP supporters.

[scorecard]

17 hours ago, billd766 said:

YOU might think so, but I suspect that millions of THAI VOTERS may disagree with you. After all, it is their country and not yours.

 

I hope that you are speaking for yourself only and anybody who may agree with you.

 

"We" is a plural term. and you certainly do NOT speak for me, nor my Thai family or my Thai friends.

Nothing confusing about the previous comment. The poster has strong negative views about previous / any military governments for Thailand, and I agree.

 

You might like to remember that the Move Forward party won a very large number of seats at the last election way ahead of the next biggest number of seats.

 

But military games / the military dominated senate ensured that a military general became the PM who achieved nothing over many years. Meanwhile other ASEAN countries have moved on and are doing well in economic / infrastructure terms: e.g. Vietnam and Indonesia.