Report Thailand Delays Digital Wallet Scheme Indefinitely Citing Economic Challenges

[snoop1130]

Photo generated by ChatGPT

 

The Thai government has indefinitely postponed its ambitious digital wallet programme, citing global economic uncertainties and changes in US tax policy as reasons for the delay. This scheme, a key campaign promise of the Pheu Thai Party and initially supported by former Prime Minister Srettha Thavisin, aimed to bolster the economy by distributing 10,000 baht in digital currency to 50 million Thai citizens.

 

Intended to stimulate economic activity, the programme's budget was estimated between 450 to 500 billion baht. However, following the transition of leadership to PM Paetongtarn Shinawatra, there has been growing speculation among supporters regarding the implementation of the scheme.

 

Despite political opposition from various figures who feared the initiative could increase national debt and strain financial systems, PM Paetongtarn's government managed to execute earlier phases, providing financial assistance to elderly and disabled citizens. The third phase was expected to focus on individuals aged 16 to 20, catering to families with younger members.

 

Finance Minister Pichai Chunhavajira initially projected a second-quarter rollout for the third phase. However, on May 19, he announced the delay, assuring citizens that the programme is postponed, not cancelled. This decision was influenced by constrained national revenues, partly due to a new US tax policy introduced under Donald Trump's leadership, which has impacted global economic conditions.

 

Minister Pichai stated that funds planned for the scheme, particularly the 157 billion baht reserved for the third phase, will be redirected to address urgent national priorities. These include improving transportation infrastructure, promoting tourism, enhancing national competitiveness, and increasing employment opportunities.

 

This strategic reallocation highlights the government's focus on sustainable economic management amidst challenging international economic pressures, while maintaining that the digital wallet programme may resume when fiscal conditions allow. The delay seeks to prioritise immediate structural improvements and bolster Thailand's economic resilience in a volatile global environment.

 

  Adapted by ASEAN Now from The Thaiger 2025-05-20

 

 

[ozz1]

They will wait till the next round of elections  the money  tree is empty