Digital Wallet Project Could Worsen from Crisis to Catastrophe

[webfact]

 

In a stern warning delivered on the House floor, Move Forward MP Pita Limjaroenrat expressed concerns over the potential impact of the digital wallet initiative, spearheaded by the Pheu Thai party.

 

The project, aimed at distributing 10,000 baht to eligible Thai citizens through digital wallets, has been seen as a strategy to alleviate the ongoing economic strains.

 

However, according to Limjaroenrat, if mismanaged, this could morph the current financial crisis into a full-blown catastrophe.

 

The original plan to fund this populist measure involved a loan of 172.3 billion baht from the Bank for Agriculture & Agricultural Cooperatives.

 

The latest adjustments see this amount being sourced from the Central Fund, under direct control of Thailand's Prime Minister Srettha Thavisin, reducing the earmarked funds from 500 to 450 billion baht.

 

This shift represents a significant departure from earlier financial strategies, raising concerns about the government's fiscal discipline.

 

Deputy Finance Minister Julapun Amornvivat outlined that the revised funding would spread across the current and the next fiscal year, with 165 billion baht allocated initially and the remainder to follow.

 

Despite the funding cuts, the government anticipates wide participation, estimating that between 80% and 90% of over 50 million eligible Thais will engage with the initiative.

 

Limjaroenrat criticized the utilization of the Central Fund, traditionally reserved for emergencies such as natural disasters or major national crises, for the digital wallet project.

 

He suggested that this could set a precarious precedent, potentially leading to significant economic losses.

In response, Prime Minister Srettha Thavisin assured transparency and adherence to legal frameworks in the execution of this campaign, promising that the project would roll out by the fourth quarter of this year.

 

The Prime Minister is expected to further detail the initiative on July 24, clarifying the project's scope and objectives.

 

Pita Limjaroenrat. File photo courtesy: Wikipedia

 

-- 2024-07-12

 

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[it is what it is]

 

this has been going on for ages. clearly, they announced it before they had any idea how they were going to deliver. or even if they'd be able to deliver, legally or otherwise.

[dinsdale]

1 hour ago, webfact said:

However, according to Limjaroenrat, if mismanaged, this could morph the current financial crisis into a full-blown catastrophe.

 

This is very diplomatic by Pita. This thought bubble populist policy has been mismanaged from the beginning. Indeed management of any policy seems a step to far for the utter imbeciles running the show.

[hotchilli]

2 hours ago, webfact said:

The project, aimed at distributing 10,000 baht to eligible Thai citizens through digital wallets, has been seen as a strategy to alleviate the ongoing economic strains.

The goalposts have moved... "eligible" has taken the spot of "over 16" 

[cowellandrew]

I think this is sick keep the poor dangling on the hook,

Sad,

I will wait to see what happens in my family and village 

[ikke1959]

It will surely do more damage to the economy than that it will benefit it.. First of all the requirements should be brought down form 70k a month to 35k a month and the bank account less than 250k....And the age of 16 should be 21... It would save a lot of money. But anyway the loan for the pay out is a burden that will take years to get rid of it with money that could be spend much better than a one time handout.. Pita is right it will be end in a catastrophe..Much better was to use money to get rid of the daily wages of 400 THB a day and change to monthly salaries of 15k a month.. More money to spend for the people every day will do much more than a one time sum

[Snackbar]

Achilles heal

[jonclark]

An election promise that is far, far more damaging to the country and people than BJTs declassification of cannabis. 

[brianthainess]

6 hours ago, it is what it is said:

 

this has been going on for ages. clearly, they announced it before they had any idea how they were going to deliver. or even if they'd be able to deliver, legally or otherwise.

[brianthainess]

6 hours ago, webfact said:

However, according to Limjaroenrat, if mismanaged, this could morph the current financial crisis into a full-blown catastrophe

Simply put there is NO way to manage it. I know a lot of people in 'my' village the day they get it they will all be drunk and having a party, and that's before they use it for anything, most work on the black economy, grass cutting, street vending etc.   

[Thingamabob]

A vote-buying scam made by a corrupt incompetent.

[watchcat]

9 minutes ago, Thingamabob said:

A vote-buying scam made by a corrupt incompetent.

 

And his name is Tony.

[john donson]

why lend 500 billion when they will only pay out 172 ???????????????????

[OneZero]

Quote: "...raising concerns about the government's fiscal discipline."

 

What fiscal discipline? 

What about that unnecessary Chinese submarine?

[brianthainess]

4 hours ago, watchcat said:

 

And his name is Tony.

'Saint Tony the Redeemer' if you don't mind. ....

[brianthainess]

10 hours ago, cowellandrew said:

I think this is sick keep the poor dangling on the hook,

Sad,

I will wait to see what happens in my family and village 

My wife will be drunk for a week along with her friends...........unless it comes during Buddhist Lent.