Finance says financial aid packages as New Year gifts will bolster spendings

 

 

BANGKOK: -- The Ministry of Finance is hopeful that the financial packages that the government will roll out as New Year gifts for the low income people will help to increase purchasing power and bolster spendings.

 

But the Bank of Thailand warns that economic stimulus packages should only be applied in the short term.

 

The ministry’s Fiscal and Monetary Policy Office Deputy Director General Dr. Pornchai Thiraveja revealed yesterday that it will be meeting with the Bank for Agriculture and Agricultural Cooperatives, the Government Savings Bank and Krungthai Bank to ensure that financial aid payments are made to low income earners in accordance with the cabinet’s resolution.

 

These include 5.4 million low income earners, excluding poor people in the agriculture sector, who will receive 1,500 – 3,000 baht/ person and 2.9 million poor farmers.

 

Details will hopefully be finalized in the meeting and aid payments should begin to be made by early next month.

 

It is hoped that these financial aids will help to drive domestic purchasing power for the latter part of the year which will in turn contribute to a 3.3% growth in GDP.

 

One indicator that the national economy is still in good health however is the favorable spending by the private sector in the remaining months of the year which has grown significantly when compared to the same period last year.

 

Other helpful factors are the increase in budget disbursements for regular expenditure as well as investments in state funded projects which will contribute to driving the national economy, the ministry said.

 

Full story: http://englishnews.thaipbs.or.th/finance-says-financial-aid-packages-as-new-year-gifts-will-bolster-spendings/

 

-- © Copyright Thai PBS 2016-11-29

Yup!

 

Lao cao!

At least the loan sharks will be happy now they can get paid

10 hours ago, webfact said:

But the Bank of Thailand warns that economic stimulus packages should only be applied in the short term.

The 1,500 – 3,000 baht/ person should insure short term use, a generous New Year's dinner for the family!