prestigious signal plan to “boost the market” in Q4
According to Prime Minister Srettha Thavisin, the president’s 500-billion-baht electric pocket handout program will become effective on Wednesday in the fourth quarter to encourage economic growth.
The Pheu Thai Party’s lineup plan may allow 50 million Thais to devote 10 000 baht there in the next six weeks.
Mr Srettha, who doubles as the finance minister, said at a lecture the plan would raise GDP by 1.2 to 1.6 percent items.
He claimed that given that the economy may have increased by less than 1 % in the first quarter after an annualized growth of 1.7 % in the final three months of 2023, it needs major stimulus measures.
He claimed that the flyer will add cash flow to improve the quality of life of vulnerable groups and farmers while lowering the suffering of citizens affected by rising living expenses.
According to Mr. Srettha, the plan will improve regional economies, enabling more communities to be self-sufficient, and it will also support efforts to advance modern technologies and innovation.
” Now, the government is delighted to announce that the 10, 000- bass digital wallet handout scheme, which is the government’s flagship policy, did actually start.
The government has done everything in its power to overcome challenges and limitations until this day, when it has delivered on its promises. According to Mr. Srettha, the plan complies firmly with fiscal discipline and is in line with the rules.
The electronic wallet plan, which requires 500 billion ringgit, will be funded by three options, according to deputy finance minister Julapun Amornvivat.
Under Section 28 of the State Fiscal and Financial Disciplines Act, a total of 152.7 billion baht will be withdrawn from the Bank for Agriculture and Agricultural Cooperatives ( BAAC ) budget for the 2025 fiscal year, and another 172.3 billion baht will be borrowed from the same budget as the previous year.
This number will be given to 17.23 million producers.
The remaining 175 billion ringgit will be used to reallocate the funds for the fiscal year 2024, according to Mr. Julapun.
He said those who are ready you register for the flyer in the next quarter and use it in the fourth quarter.
According to Mr. Julapan, a committee under the Digital Wallet Policy Committee will be established to track any actions that might contravene the program’s requirements and other related laws. The Finance Ministry may also submit the proposal for cabinet authorization this month.
Continuous director for funding Lavaron Sangsnit argued that the program would be funded in accordance with the State Fiscal and Financial Disciplines Act and the Budget Act.
Thais aged 16 and older who earn less than 70, 000 ringgit a fortnight and have less than 500, 000 ringgit in their bank transactions stand to get a 10, 000- ringgit flyer.
Based on these requirements, an estimated 50 million people will be entitled– along from 56 million initially.
The funds can only be used to purchase consumer goods and food. It cannot be used to obtain virtual products, smoking or wine, cash vouchers or valuables like diamonds, gems or metal.
Additionally, it is ineligible to use it to pay off debts, pay for fuel, oil, or tuition costs, or paid off water or electricity bills. The money may become spent in the region where the patient’s home is registered.
Some economists and former central banks governors have criticized the government for claiming the system is financially irresponsible, and the federal has been having trouble finding ways to finance it without putting burdens on the public debt.
Writing on Facebook on Wednesday, Somchai Srisutthiyakorn, a previous election director, took aim at some of the program’s information.
He claimed that the government had not provided information regarding the interest rate that will be charged on the BAAC’s 172.3 billion ringgit product or the loan payment period.