PUBLISHED: 25 Jun 2024 at 04: 41
Finance Minister Pichai Chunhavajira stated yesterday that the government anticipates the second and third readings of the funds bill for the 2025 fiscal year in parliament one month before the original deadline of September.
Following the first session of a House committee to examine the budget costs, Mr. Pichai was chosen as the agency’s president. He claimed that each part of the budget expenses will be reviewed by sub-committees.
If the budget expenses is approved by parliament in the second reading, Mr. Pichai declined to comment on opposition parties ‘ plans to request that the Administrative Court law against the government’s digital wallet flyer system. One of the three major sources of funding is the government’s desire to use the main fund’s 152.7 billion baht to partially fund its digital wallet initiative in the budget’s 2025 budget.
The 3.75- trillion- bass budget bill for the 2025 governmental year sailed through its first reading in the House of Representatives next Friday with 311 votes in support, 175 against and two abstentions.
A 72-member special House committee to review the legislation, consisting of 54 members from the government and opposition parties, and 18 members from the government.
But, no representatives from the opposition Move Forward Party lay on the council. The council will work from Monday through Friday and have until Sept. 23 to finalize the legislation, according to Anusorn Iamsa-ard, the agency’s official and member of the Pheu Thai list.
On May 28, the cupboard approved the 3.75- trillion- baht budget for the 2025 governmental year, which may begin on Oct 1 and ending on Sept 30 second year.
The spending may be financed by 2.88 trillion baht of tax revenue and a product to make up for the estimated 865 billion baht of budget deficit for the fiscal year 2025.
Some 152.7 billion ringgit of the funds is earmarked to finance the president’s 500- billion- bass digital wallet handout. A plan to use 122 billion ringgit from the current fiscal resources for the same purpose was also approved by the cabinet.
The government had previously stated that it would fund the digital scheme using money from the 172 billion Bank for Agriculture and Agricultural Cooperatives ( BAAC ). However, there will be legal repercussions if the BAAC approves a loan to fund the plan. According to the BAAC rules, the lender can simply give farmers money and not use the money as monetary stimulus.