Govt seeks legal counsel on loan for wallet handout

Govt seeks legal counsel on loan for wallet handout

Govt seeks legal counsel on loan for wallet handout
After inspecting the traffic condition on Thursday, Prime Minister Srettha Thavisin speaks to reporters about the 500- billion bass digital wallet handout scheme at the Highway Traffic Operation Center in Bangkok’s Ratchathewi district. ( Photo: Royal Thai Government )

The government may question the Council of State to check the legality of its plan to use 172.3 billion ringgit from the Bank of Agriculture and Agricultural Cooperative to help pay for its 500-billion-baht digital wallet flyer program.

Srettha Thavisin, the prime minister, stated that the government would consult with its constitutional department to ensure that the system adheres to the law.

When asked about the idea of developing a super app for the scheme, which may require more money from taxpayers, Mr. Srettha said the government may respond to the request when the app is available.

He said the government will make sure the program is run in a transparent and open manner.

Every qualified individual is expected to receive the 10,000 baht through a” very software” created by the Digital Economy and Society Ministry. In an open-loop design, it can be used by all banks.

Mr. Srettha previously predicted that the program would launch in the third quarter to bring the slow economy back to life.

The Pheu Thai Party’s premier 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 the plan may drive GDP up by 1.2 to 1.6 percent items.

The modern pocket initiative will be funded by three sources of funding, according to deputy finance secretary Julapun Amornvivat.

Under Section 28 of the State Fiscal and Financial Disciplines Act, a total of 152.7 billion baht will be taken out of the budget for the 2025 fiscal year, while another 172.3 billion baht will be borrowed from the budget for the 2025 fiscal year from the Bank for Agriculture and Agricultural Cooperatives ( BAAC ) budget. This number will be given to 17.23 million farmers.

According to Mr. Julapun, the remaining 175 billion ringgit will be used to reallocate the budget for the upcoming fiscal year.

He said those who are ready you record for the flyer in the third quarter and use it during the final three months of the year.

However, critics have taken aim at the program to use from the BAAC. The government will pay the lender in the interim, and the BAAC may give the first-time recipients.

The BAAC mortgage is essentially a repeat of what took place during Pheu Thai’s rice-pledging program under the previous Yingluck Shinawatra management, according to Jurin Laksanawisit, a member of the Democrat Party listing.

” This exact replica of the rice-pledging scheme” is said. They share the exact DNA”, Mr Jurin said.

” The state will then acquire 172.3 billion from the BAAC. Combined with the more than 200 billion baht debts incurred by the corn system, the ( Pheu Thai- run governments ) will earn the BAAC about 400 billion ringgit”.

The government is unable to explain how the BAAC will repay the loan, according to Mr. Jurin.

Nipon Poapongsakorn, a distinguished fellow at the Thailand Development Research Institute, echoed similar sentiments. He urged the government to provide information on how the bank would repay it.

This strategy is intended to gain political advantage before the upcoming election. Currently, the economy is not in a crisis. Exports, domestic consumption and tourism have improved, adding that the 500- billion- baht handout is only a short- term measure”.