Flagship signal program to “boost market” in Q4
Prime Minister Srettha Thavisin announced on Wednesday that the government’s 500 billion bass digital wallet handout program will start in effect in the third fourth to encourage economic growth.
Within six weeks, the Pheu Thai Party’s premier plan may allow 50 million Thais to spend money in their regions.
Mr Srettha, who doubles as the finance minister, said at a lecture the plan would raise GDP by 1.2 to 1.6 percent items.
He claimed that given that the economy may have increased by less than 1 % in the first quarter after an annualized growth of 1.7 % in the final three months of 2023, it needs major stimulus measures.
He claimed that the grant will generate additional cash flow to improve the quality of life of resilient groups and farmers while lowering the suffering of citizens affected by rising living costs.
According to Mr. Srettha, the plan will strengthen regional economies, enabling more communities to be self-sufficient, and it will also support efforts to advance modern technologies and innovation.
” Now, the government is delighted to announce that the 10, 000- bass digital wallet handout scheme, which is the government’s flagship policy, did actually start.
The government has done everything in its power to fulfill its promise, up until this day, when it has overcome hurdles and restrictions. According to Mr. Srettha, the policy is in line with the rules and completely adheres to financial discipline.
The modern budget plan, which requires 500 billion ringgit, will be funded by three sources of funding, according to deputy finance minister 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 may be given to 17.23 million producers.
According to Mr. Julapun, the remaining 175 billion ringgit will be used to reallocate the funds for the fiscal year 2024.
He said those who are ready you register for the flyer in the next quarter and use it in the fourth quarter.
According to Mr. Julapan, a committees under the Digital Wallet Policy Committee will be established to follow any actions that might contravene the program’s requirements and other related laws. The Finance Ministry may also submit the proposal to the cabinet for approval this month.
Continuous director for funding Lavaron Sangsnit argued that the program would be funded in accordance with the State Fiscal and Financial Disciplines Act and the Budget Act.
Thais aged 16 and older who earn less than 70, 000 ringgit a fortnight and have less than 500, 000 ringgit in their bank transactions stand to get a 10, 000- ringgit flyer.
Based on these requirements, an estimated 50 million people will be qualified– along from 56 million initially.
The income is only permitted to be used to purchase consumer items and food. It cannot be used to obtain virtual products, smoking or wine, cash vouchers or valuables like diamonds, gems or metal.
Additionally, it is ineligible to use it to pay off debts, pay for fuel, gas, or tuition costs, or pay off water or electricity bills. The money must be spent in the district where the recipient’s home is registered.
Some economists and former central bank governors have criticized the government for claiming the scheme is fiscally irresponsible, and the government has been having trouble finding ways to finance it without putting burdens on the public debt.
Writing on Facebook on Wednesday, Somchai Srisutthiyakorn, a former election commissioner, took aim at some of the scheme’s details.
He claimed that the government had not provided specifics regarding the interest rate that will be charged on the BAAC’s 172.3 billion baht loan or the loan repayment period.