Thailand’s new government plans $8.7 billion for economic stimulus
The Thai Government under new Prime Minister Paetongtarn Shinawatra is planning to spend more than THB300 billion ($8.7 billion) stimulating the country’s sluggish economy, local media cited the Government House on Tuesday.
Prime Minister Paetongtarn Shinawatra. Photo courtesy of nationthailand.com.
The budget will come from three main sources. The first is the Additional Budget Expenditure Act for fiscal year 2024, which allocates THB122 billion to funding the government’s handout under digital wallet scheme. The act has passed Parliament readings and is now waiting to be enacted.
The second is the draft of the fiscal 2025 budget, from which the previous government earmarked THB 152 billion for economic stimulation. This portion of the budget was originally reserved for the digital wallet scheme, but could be used to fund other projects if the government decides to adjust the scheme’s scope to use less than the proposed THB450 billion.
And the last is the central budget for emergency expenses under the fiscal 2024 budget, which the previous government had earmarked at THB40 to 50 billion. However, this portion of the budget must be approved and disbursed within September, before the fiscal year ends.
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