PUBLISHED : 20 Jan 2024 at 04:00
The government will move ahead with the 500-billion-baht digital wallet handout scheme, but its launch will be postponed pending a study from the anti-graft agency.
Prime Minister Srettha Thavisin confirmed yesterday the scheme would be pushed back, adding the delays would depend on the findings of the National Anti-Corruption Commission (NACC) study.
Mr Srettha brushed off speculation the scheme could be incorporated into the 2025 budget spending plan, saying the government was not considering this.
“We’re not looking that far ahead at this point,” he said.
The prime minister’s remarks came after Deputy Finance Minister Julapun Amornviwat on Wednesday discussed the possibility of the handout scheme being delayed until June. The digital wallet policy committee had postponed its Jan 16 meeting because it was waiting for the NACC study.
Mr Srettha said he understood that the NACC and relevant agencies have concerns over the scheme but expressed confidence that the government could address any reservations.
“I understand their concerns and can explain if they can pinpoint where such concerns lie,” he said.
In response to the Move Forward Party (MFP) MP Sirikanya Tansakul’s remark that the scheme could be scrapped after attracting the NACC’s attention, the PM said: “That’s out of the question. At this point, we’re moving ahead.”
The government has data to prove the handout is worth carrying out, he said, adding there would be no corruption involved.
Thanawat Phonwichai, president of the University of the Thai Chamber of Commerce, said the Thai economy is projected to grow by over 3.2% this year without the digital wallet scheme, but growth could hit 4-4.5% this year and next if the scheme is implemented.
The economy is forecast to grow by 4.2% if spending on the scheme is 400 billion baht and by 3.5% if the spending is cut to 160 billion baht, Mr Thanawat noted.
He pointed out that the country’s stagnant growth is due to external factors, so the government has to consider the scheme’s benefits when determining the appropriate spending level.
The government needs to come up with fresh stimulus measures and investment schemes to achieve a growth rate of above 4% next year because the Land Bridge megaproject, soft power development and the Eastern Economic Corridor policy are long-term projects that have yet to contribute to growth in the short term, he said.
The digital wallet is the government’s flagship policy for economic stimulation, with 10,000 baht each to be handed out to 50 million people aged 16 and over via an app.