By Thai Newsroom Reporters
THE PHEU THAI-LED GOVERNMENT is putting forward mutually contradictory populist campaigns which will immensely increase public debt and compromise their financial and treasury disciplines, said an opposition MP today (Nov.30).
Move Forward MP Nattapong Ruangpanyawudhi said the Pheu Thai-led coalition government plans to borrow a sum of 500 billion baht in loan to finance their digital wallet project which, he said, will most certainly raise public debt, reportedly currently amounting to 90% of the country’s GDP, only to meet their populist handout campaign launched alongside a nationwide electoral campaign earlier this year.
In the meantime, Prime Minister Srettha Thavisin has declared an all-out war against loan sharks and vowed to salvage the people who may currently owe debt to them, saying the authorities will see to it that they no longer get themselves in illicit debt.
Whilst remarking that the people who are owing a combined sum of no less than 50 billion baht in informal, illicit debt to loan sharks nationwide will be completely salvaged and become debt-free, the prime minister has been evidently pushing for a contentious debt-raising populist campaign, the Move Forward MP said.
The prime minister who concurrently performs as finance minister will almost certainly be questioned over the Pheu Thai-initiated digital wallet campaign during House deliberations on the 3.48 trillion baht budget for fiscal 2024 whilst the sought-after 500 billion baht loan for the digital wallet campaign is literally nowhere in the 2024 budget bill which is yet to pass approval from parliament, according to the opposition lawmaker.
Nattapong said the government’s financial and treasury disciplines will be enormously compromised only if the debt-raising populist policy and the anti-loan sharks policy are finally put to work in spite of their mutual contradiction.
Though the people could possibly settle their personal debt currently owing to loan sharks, they would have to bear an increased public debt due to such a populist campaign pushed by the Pheu Thai-led government, according to the Move Forward MP.
Meanwhile, Srettha has remained tightlipped as to whether the sought-after 500 billion baht loan to fund the digital wallet project might be provided by domestic financial sources or foreign ones or both.
The Pheu Thai-backed prime minister has earlier publicly pledged to never borrow a loan from anywhere to finance the much-heralded digital wallet campaign from which each of an estimated 50 million Thai nationals aged 16 years and over will benefit by using their digital wallet for the purchase of a maximum of 10,000 baht in market value of merchandise in the boundaries of their home district during a six-month period, beginning in May.
He has repeatedly confirmed that the digital wallet project will not only promote domestic consumption and stimulate local economy in all parts of the country on a short-term basis but boost its GDP in the long run.
CAPTIONS:
Representative images of two financial populist campaigns. Top photo: Thai Rath, Front Page photo: Matichon
Insert: Move Forward MP Nattapong Ruangpanyawudhi. Photo: Matichon Weekly
Also read: GDP forecast to rise 3.8% partly due to digital wallet campaign
PM declares war against loan sharks
Govt personnel’s startup salary upped to 18,000 baht a month
Tax refund backed shopping sprees by well-to-do to kick off soon
Thai Q3 GDP grows 1.5% y/y, below forecast
Most disagree with borrowing 500 billion baht to fund digital wallet: Poll
