Central Fund Holds Only 43 Billion Baht for Digital Wallet Project

[webfact]

 

In a pivotal development, the government has confirmed that 43 billion baht from the Central Fund will be allocated to support the digital wallet project in this fiscal year.

 

This funding decision comes as part of the Pheu Thai-led government's broader strategy to implement the digital aid program aimed at bolstering economic activities by providing direct support to citizens through digital transactions.

 

The Prime Minister’s Office Minister, Jakapong Sangmanee highlighted the specifics of the funding during a session with journalists. This allocation, which represents approximately 40% of the total Central Fund designated for the current fiscal year, stands significantly lower than the rumored 100 billion baht figure.

 

The total project cost is set at 450 billion baht, with a reduction from the initially projected 500 billion baht following analyses suggesting fewer citizens may participate than anticipated.

 

This fund's utilization is legally sanctioned, following consultations with the Council of State, affirming the government's commitment to transparency and lawful financial management. It is designed to cut across several fiscal periods, with an additional 285 billion baht earmarked for the coming year, complemented by a directed government budget of 165 billion baht for the ongoing fiscal cycle.

 

The reallocation from the Central Fund also coincides with the government’s policy shift away from additional external borrowing which was initially estimated at 172.3 billion baht. This strategic financial pivot is set to partially finance the populist digital wallet initiative without the burden of new loans.

 

As public anticipation builds, the Pheu Thai-attached Prime Minister is slated to reveal more details about the project on July 24. The government's management of this large-scale financial commitment continues to stir discussions, with opposition figures cautioning against potential risks to the nation's financial stability.

 

With this significant financial move, the government hopes to not only enhance individual financial agility but also stimulate economic growth by infusing capital through digital channels directly into the economy. The remaining funds in the Central Fund will be reserved for emergency measures, ensuring a fiscal balance that can address unexpected challenges such as natural disasters.

 

TOP Picture courtesy: The Government Public Relations Department

 

-- 2024-07-13

 

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[hotchilli]

2 hours ago, webfact said:

The total project cost is set at 450 billion baht, with a reduction from the initially projected 500 billion baht following analyses suggesting fewer citizens may participate than anticipated.

Meaning 50 billion will be saved after disqualifying some from receiving the payout.

[john donson]

why not just quit and say it was illegal vote buying promises

 

lose too much face?

[jippytum]

Phu Thai never had the funds to finance the didgital wallet handout. 

They where desperate to bribe voters to get enough votes  to  allow for Thaksin to return. 

The cost of 500 billion baht will harm the economy of the country and its expats and tourists who will end up paying for it