All digital wallet funding to come from govt sources

By Thai Newsroom Reporters

ALL FUNDING FOR the Pheu Thai-initiated, digital wallet handout campaign will directly come from government financial sources  in lieu of the earlier-planned borrowing of loans from outside.

An ad hoc government committee for the 10,000-baht digital wallet project, chaired by Prime Minister Srettha Thavisin who concurrently performs as finance minister, today (Apr. 10) resolved to raise a sum of 500 billion baht in funding for the populist handout campaign from three financial sources, including 175 billion baht from the government budget for the current fiscal year, 172.3 billion baht from the government-run Bank for Agriculture & Agricultural Cooperatives and 152.7 billion baht from the government budget for the next fiscal year, said Undersecretary for Finance Lavaron Sangsanit.

However, the earmarked BAAC funding will only be provided for some 17 million farmers throughout the country under the much-heralded digital wallet project, according to the undersecretary.

The ad hoc committee plans to forward the digital wallet project to the cabinet for approval later this month whilst the handout campaign is scheduled to begin in the fourth quarter of this year or between October and December after it has been postponed from the upcoming May.

The Pheu Thai-led government has earlier pushed for legislation to borrow a total of 500 billion baht in loans to finance the digital wallet project from non-government financial sources, either domestic or foreign or both.

Each of an estimated 50 million Thai nationals aged 16 years or over will be entitled to the handout campaign under which they may buy a maximum of 10,000 baht in market value of merchandise at stores or food at restaurants via their digital wallet in their home district within a six-month period.

Nevertheless, alcoholic beverages, cigarettes, fuels, entertainment-based services and online-traded merchandise are not allowed under the digital wallet campaign.

The prime minister has earlier confirmed that the digital wallet campaign will significantly stimulate domestic consumption on a short-term basis, strengthen the local economy in all parts of the country and finally boost the GDP.

CAPTION:

Representative images of 10,000 baht digital wallet scheme. Top photo: Thai Rath, Front Page photo: Matichon

Also read: PM annoyed 10,000 baht digital wallet scheme stuck with graft-busters

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