BANGKOK: Thailand’s new Prime Minister Srettha Thavisin was named finance minister on Saturday (Sep 2) in a Cabinet that was endorsed by the king, as the real estate tycoon seeks to boost Southeast Asia’s second-largest economy and implement key campaign promises.
Thailand’s economy has been faltering due to weaker exports and investments, with the central bank saying last month that the full-year forecast for 3.6 per cent growth could be lowered.
Reviving Thailand’s economy will be one of the biggest tasks for political newcomer Srettha, who became prime minister last month following prolonged uncertainty after a May election.
The new Cabinet, disclosed in a royal gazette and endorsed by King Maha Vajiralongkorn, will see Srettha’s Pheu Thai party, backed by the billionaire Shinawatra family, oversee the defence, transport, commerce, health and foreign ministry portfolios.
The announcement of the new Cabinet comes weeks after Srettha, former president of luxury property developer Sansiri, won a parliamentary vote in August to become prime minister.
On the day of the vote, Pheu Thai figurehead Thaksin Shinawatra returned to Thailand in a dramatic homecoming after living abroad for 15 years in self-exile to avoid an 8-year prison sentence. On his first night back, Thaksin was transferred to a police hospital over chest paints and high blood pressure. He later submitted a request for a royal pardon.
On Friday, the king commuted the sentence to one year, citing his loyalty to the monarchy and his poor health.