By Thai Newsroom Reporters
PRIME MINISTER SRETTHA Thavisin today (June 19) reconfirmed the much-heralded, yet-delayed digital wallet project will definitely become a major economic stimulus to increase domestic consumption, manufacturing of goods, creation of jobs and hefty revenue to the state coffers.
Addressing the House of Representatives on the 2025 budget legislation during the first day of a three-day floor debate, the prime minister reassured the 10,000-baht digital wallet project will be implemented in the fourth quarter of this year to benefit a total of 50 million Thais throughout the country.
Virtually comparing the Pheu Thai-initiated populist handout campaign to a tornado, the prime minister said it will certainly stimulate domestic consumption, promote manufacturing industry, create more jobs and substantially help with the country’s economic growth potential, the prime minister said.
A total of 500 billion baht in funding for the populist handout project will come in part from government budgets for current fiscal year and next fiscal year, amounting to 175 billion baht and 152.7 billion baht respectively, plus a sum of 172.3 billion baht in “borrowed” money from the Bank for Agriculture & Agricultural Cooperatives.
Under the populist handout campaign, each of the estimated 50 million Thais aged 16 years or over will be entitled to purchasing a maximum of 10,000 baht in merchandise via their digital wallet at stores and restaurants in the boundaries of their home district within a six-month period.
Meanwhile, the prime minister said the 3.75 trillion baht budget for next fiscal year registering a 272 billion baht increase from current fiscal year will be primarily managed to serve a predicted range of 2.5 to 3.5% economic growth whilst inflation is forecast between 0.7 and 1.7% throughout next year.
The prime minister said the total 3.75 trillion baht budget will come from a sum of 2.88 trillion baht in forecast state revenue plus 865.7 billion baht in planned borrowing to cover a corresponding budget deficit for next fiscal year.
As of the end of last March, public debt has amounted to 11.4 trillion baht accounting for 63% of the country’s GDP and yet remaining within the mandatory 70% limit whilst foreign reserve amounts to 224.4 billion dollars.
The total 3.75 trillion baht budget includes a sum of 2.7 trillion baht in regular expenditures and 908.2 billion baht in funding for the Pheu Thai-led government’s investment schemes, according to the prime minister.
CAPTIONS:
Top and Front Page: Prime Minister Srettha Thavisin addressing the House meeting on fiscal 2025 budget bill.
Insert: Lawmakers discussing fiscal 2025 budget bill. All photos: Thai Rath
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