PUBLISHED : 23 Aug 2024 at 11:24
The government of Thailand, led by the Pheu Thai Party, has secured approval for an additional budget to support its flagship digital wallet initiative, aiming to bolster the economy.
According to an announcement from the Royal Gazette, 122 billion baht has been officially allocated to fund this scheme, effective immediately.
During the “Vision for Thailand” forum, Thaksin Shinawatra emphasized the urgent need for this handout plan to revitalize the sluggish economy. “We need to stimulate the economy as our country has experienced slow growth for an extended period,” he stated, highlighting that this initiative was a major campaign promise during last year’s election.
Thaksin hinted that Prime Minister Paetongtarn Shinawatra would continue to advocate for this plan, despite criticisms from economic experts and the Bank of Thailand regarding its viability.
The government plans to utilize 145 billion baht from the 2024 fiscal budget to provide handouts to 14.5 million citizens beginning in September, with further distributions scheduled for October. “This initiative aims to deliver an immediate economic boost in September,” he affirmed.
The digital wallet scheme, designed to distribute 10,000 baht to approximately 50 million eligible citizens, now faces uncertainty following the recent dismissal of Srettha Thavsin as prime minister by the Constitutional Court.
Despite policy uncertainties following the change in leadership, Thailand’s economy displayed resilience with a growth of 2.3% in the April-June quarter compared to the previous year, surpassing expectations.
