BANGKOK, Sept 9 (Askume) – Thailand will issue a 145 billion baht (about $4.2 billion) “digital wallet” relief package in advance to support vulnerable groups and shore up the short-term economy, Thailand’s deputy finance minister said on Monday. incite.
Julapun Amornwiwat, speaking during the Senate budget debate, said the government has set aside a total of 450 billion baht ($13.29 billion) for its signature handout programme, which aims to spend 10,000 baht per day to 50 million Thais by transferring 10,000 baht each toward their living expenses to stimulate economic activity.
The measure, which is to be implemented in the last quarter of the year, is a cornerstone of Thailand’s plan to boost Southeast Asia’s second-largest economy, whichIncreased by 2.3% in the second quarter .
The court’s shock ouster of Prime Minister Sretha Thaweesin last month led to a government change, creating uncertainty over when the promised stimulus would begin.
Sritha’s ally and successor, Patongtarn Shinawatra, said last week that some relief payments would now be given in cash.
Financial officer Chulapan said so far 32 million people have signed up for the scheme, which includes disadvantaged groups but not those without smartphones, and the funds will be received through an app.
Julapun said the first payment would be made at the end of September and would come from the 2024 budget and other sources, and it was unclear whether the first payment would be made in cash.
His comments came after Patongtarn, the daughter of politically influential billionaire Thaksin Shinawatra, vowed over the weekend to immediately stimulate the economy and implement Sritha’s policy agenda.
His new government on Sunday released a policy statement that Patongtarn will present to parliament later this week.
The payment plan has been criticised by economists, including two former central bankers, as fiscally irresponsible. The government has rejected the claim but is trying to find funding.
It emphasises that policy is essential to revive the economy, with the central bank expecting it to grow by just 2.6% this year, slowing to 1.9% in 2023 and lagging well behind most regional peers.
(1 USD = 33.86 Baht)
