Srettha defends wallet scheme

According to experts, the 10,000-baht release might increase prices.

Srettha defends wallet scheme
At a campaign march in April, Srettha Thavisin of the Pheu Thai Party announced the group’s 10,000-baht online budget plan. ( Image: Pattarapong Chatpattarsill )

Just a small number of people have spoken out against the government’s planned 10, 000-baht digital wallet release scheme, according to Prime Minister Srettha Thavisin, who dismissed critics of it.

Despite condemnation, he asserted that the government will continue to implement the program, which is intended for all Thai adults over the age of 16.

Mr. Srettha was speaking as he spoke with locals in a town in Yasothon’s Kham Khuen Kaeo region. He saw efforts being made to control flooding brought on by the bursting businesses along the Chi River.

Eventually, he paid a visit to Phra Khru Methi Thampundit, the head of Kham Khuen Kaeo’s religious city.

The prime minister responded to the monk’s inquiry about the modern finances system by saying,” The government is pushing for it.” Just a small number of individuals are opposed to it. The plan is significant to the populace. We may proceed.

The 56 million-person digital wallet system will be implemented with vigor by the Srettha government. On February 1, the program is anticipated to start.

Although the estimated expenditure is 560 billion baht, the financing source has not yet been made public.

Former finance minister Thirachai Phuvanatnaranubala stated that foreign traders do not trust the government’s financial plan, particularly the electric wallet scheme, which may cost a sizable sum of money.

According to him, foreign investors think the government will eventually need to look for loans to fund the program, which will have a negative impact on the nation’s economic situation and increase its public loan.

According to Mr. Thirachai,” the government does back down or scale back the handout by allocating the funds to particular groups.” ” The government must prepare for a tempest of economic consequences if it insists on moving forward with it.”

99 financial experts recently urged the government to discontinue its digital wallet program.

Veerathai Santiprabhob and Tarisa Watanagase, former governors of the Bank of Thailand, as well as academics, researchers, and economics professors signed a statement arguing that the economy is already in the process of recovering. Many analysts predict that this year’s economy will grow by 2.8 % and in 2024, by 3.5 %.

That proves the need for such freebies, which could result in higher inflation and interest rates, they claimed.

According to the speech,” it is needless for the authorities to increase private use.” Instead, it ought to increase the open firm’s capacity for exports and investment.