House passes supplementary budget bill to fund “digital wallet

[webfact]

After a day-long debate, the Lower House passed the first reading of the government’s 122 billion baht mid-year supplementary budget bill, to fund the “digital wallet” scheme, by 297 to 164 votes.

 

The House then set up a 32-member scrutiny committee to deliberate the bill for two days, after which it will return to the House for its second and final readings by July 31st.

 

It is reported that 314 government MPs attended the debate yesterday, but 15 of them did not cast votes for unknown reasons.

 

Source: Thai PBS 2024-07-18

 

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[retarius]

A sad day for Thailand. Borrowing this sum of money is an insanity. 

[ikke1959]

First do than think is normal in Thailand.... After the handout they will find out how big this mistake is... but than the harm is done, and the economy of Thailand will surely loose more than benefit from it....and the Government will have less money to help or do things with the result that everything is getting more expensive, bigger debts, and less tourists as they are being seen as walking ATM's because double pricing, more taxes on travels, etc etcm result will be less tourists, expats and retirees... It is doomed 

[Gsxrnz]

According to other news sources, the total cost is circa 500 billion. That will buy a lot of Lao Khao, Huawei phones, and fake LV handbags.

Edited July 18 by Gsxrnz

[webfact]

Thailand to boost 2024 budget by 122 billion baht for economic stimulation
by Mitch Conno

 

Picture courtesy of Royal Thai Government

Prime Minister Srettha Thavisin emphasised the necessity of increasing the 2024 fiscal budget by 122 billion baht to stimulate Thailand’s economy. He proposed a supplementary budget bill to the House, aiming to finance the digital wallet scheme, a core policy of the Pheu Thai Party.

 

Opposition parties opposed the bill, citing legal concerns and potential violations of the State Fiscal and Financial Discipline Act. Despite this, PM Srettha highlighted the urgency of additional funding to boost economic activity, maintain consumption levels, and create business opportunities.

 

The digital wallet scheme involves a handout of 10,000 baht (US$ 280) in digital cash to up to 50 million Thais, slated to commence in October, with registration opening tomorrow. Srettha suggested that waiting for the 2025 fiscal budget disbursement starting in October would be impractical, prompting the decision to augment the 2024 budget by 122 billion baht (US$ 3.4 billion) to address the sluggish economy more promptly.

 

Out of the proposed amount, 10 billion baht (US$ 280 million) would come from tax revenue and 112 billion baht (US$ 3 billion) from a loan. Srettha noted that this increase would elevate investment spending in the 2024 budget from 17.1% to 22.4%.

“The money would be spent through the digital wallet handout, and be assured the spending plan is in line with the State Fiscal and Financial Discipline Act,” he told the House.

 

The economy is projected to grow by 2 to 3% this year due to increased spending, public investment, recovery in the tourism and service sectors, and export growth. However, the prime minister acknowledged risks and limitations such as high household and business sector debt, as well as the volatile global economic situation.

 

Budget boost

 

Thailand’s financial status remains robust, with public debt as of April 30 at 63.8% of gross domestic product (GDP) and a Treasury balance of 394 billion baht (US$ 11 billion) as of May 31. PM Srettha assured that the government would adhere to fiscal and monetary discipline, ensuring that the money is spent correctly to stimulate the economy and promote sustainable growth.

 

Sirikanya Tansakul, deputy leader of the opposition Move Forward Party, expressed concerns that the supplementary funding request for the digital wallet scheme might violate State Fiscal and Financial Discipline Act clauses. She pointed out that the law requires additional budget disbursement within the fiscal year, which ends on September 30. However, the 10,000-baht handout is expected in the last quarter of this year.

 

Sirikanya argued that the August 1 registration date should not be considered as initiating debt obligations to justify a delay in budget disbursement, reported Bangkok Post.

 

“Some agencies might try to follow suit if they cannot disburse funds before the fiscal year ends,” she warned, questioning whether the digital wallet scheme qualifies as investment spending.

 

Source: The Thaiger 2024-07-18

 

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[smedly]

where are you getting the money from ?

 

just saying 

[Tropicalevo]

13 minutes ago, webfact said:

Srettha Thavisin emphasised the necessity of increasing the 2024 fiscal budget by 122 billion baht to stimulate Thailand’s economy. He proposed a supplementary budget bill to the House, aiming to finance the digital wallet scheme

Please try and stop the excuses.

The budget needs to be boosted to pay off the vote buying.

It will not significantly boost the economy.

PS it is not a necessity!

[ikke1959]

economy will not grow by one time hand outs...Maybe it will be a peak but than it goes back again

[Gottfrid]

3 hours ago, webfact said:

by 297 to 164 votes.

And they are elected for their abilities of critical thinking and making the right decisions. Hurray!

Edited July 18 by Gottfrid

[Enzian]

I no longer understand this "vote buying" trope. The military decides the meaning and result of any election ultimately; it's not decided by the number of votes cast for any given party or candidate. Am I wrong?

[Celsius]

How to get digital wallet?

[hotchilli]

6 hours ago, retarius said:

A sad day for Thailand. Borrowing this sum of money is an insanity. 

10K bribe for votes was insanity, but they seem to be getting away with it.

[Galong]

If this HAS to happen, at least don't give the 10K to anyone who is currently unemployed and has no history of working. They're trying to tax us to pay for this clown show. We're not the reason why they're uneducated, poor, and massively deep in debt.  How about a mandatory class on financial responsibility before getting handed wad of cash? 🤔

[Muhendis]

A big, costly mistake and no doubt about it.

Thailand economy is on the slippery slope.

Factories are closing and yet the government is as determined as ever to blindly go down the wrong road.

Small wonder the Baht is going down.

 

[OneZero]

6 hours ago, Tropicalevo said:

Please try and stop the excuses.

The budget needs to be boosted to pay off the vote buying.

It will not significantly boost the economy.

PS it is not a necessity!

Similar to Biden cancelling student debt, even after US Supreme Court said he could not.

[Pouatchee]

6 hours ago, Gottfrid said:

And they are elected for their abilities of critical thinking and making the right decisions. Hurray!

 

555 are they? i thought it was because they knew who to pay off...

good one gottfrid

[Gottfrid]

4 hours ago, Pouatchee said:

 

555 are they? i thought it was because they knew who to pay off...

good one gottfrid

Why you wake me up from my beautiful dream? 😉 

[BangkokReady]

On 7/18/2024 at 7:09 AM, retarius said:

A sad day for Thailand. Borrowing this sum of money is an insanity. 

 

Especially when the rationale is that one political party said that if you vote for them, they will give you money, and that money is ultimately coming from the public coffers.

 

It must be embarrassing to try to explain this to someone from another country.

[CallumWK]

On 7/18/2024 at 7:07 AM, webfact said:

297 to 164 votes.

 

On 7/18/2024 at 7:07 AM, webfact said:

It is reported that 314 government MPs attended the debate yesterday

 

How there can be 461 votes with 314 mp's attending?

[Olmate]

16 minutes ago, CallumWK said:

 

 

How there can be 461 votes with 314 mp's attending?

 Better brush.up on yourrights to vote at a meeting, eg.your  annual condo, yearly financials, your annual workers union,your, bank, credit union, shareholders etcetc.

[retarius]

The first supplemental budget of many, I assume.

[brianthainess]

I'll swap you a bag of rice for Loa Kho, and some Yabba, comes to mind. 

[john donson]

why not ask a ZERO INTEREST loan from the man who has 2000 billion baht