BANGKOK: Thailand will distribute 145 billion baht ( US$ 4.2 billion ) of its “digital wallet” handout programme earlier than scheduled to support vulnerable groups, a deputy finance minister said on Monday ( Sep 9 ), stressing the need for short-term economic stimulus.
In remarks during a budget debate in the Senate, Julapun Amornvivat said the government has prepared 450 billion baht ( US$ 13.29 billion ) in total for its signature handout programme, which seeks to stimulate economic activity by transferring 10, 000 baht to 50 million Thais to spend in their localities.
The calculate, which was scheduled for deployment in the last quarter of this year, is the basis of Thailand’s plans to start Southeast Asia’s second-largest sector, which grew 2.3 per share in the second quarter.
Concerned about the start of the stimulus measures was caused by a judge’s jolt removal of Srettha Thavisin as premier next month.
Part of the flyer will now be in funds, Srettha’s ally and son, Paetongtarn Shinawatra said next week.
Finance standard Julapun reported that 32 million people had already enrolled in the program, including those who were resilient, but not those who had no phones, through which money were supposed to be received via an application.
The first round of bills, Julapun claimed would be made later in September and would be from the 2024 funds and other sources, was not immediately obvious. They would be in money.
His remarks come after Paetongtarn, the daughter of socially renowned businessman Thaksin Shinawatra, promised to spur the business straight away and implement Srettha’s policy goals at the weekends.
Her new authorities released a policy statement on Sunday that Paetongtarn may offer to parliament after this year.
The distribution plan has received criticism from economists, including two former key bank governors, as being financially irresponsible. The government has tried to find financing options, but it has been unsuccessful in doing so.
It asserts that the policy is required to resuscitate the country’s economy, which the central bank forecasts to grow only 2.6 % this year, up from 1.9 % in 2023, far behind its regional peers.