Thailand to Fund $13.8 Billion Stimulus Scheme With 2024, 2025 Budgets, Official Says
Thailand will finance a 500 billion baht ($13.8 billion) household handout scheme with the 2024 and 2025 budgets, a deputy finance minister said on Monday.
Thailand will fund a 500 billion baht ($13.8 billion) household handout scheme with the 2024 and 2025 budgets. About 50 million Thais will receive 10,000 baht each. Despite criticism from economists, the plan will be submitted to the cabinet next week, with full details announced on July 24.
The government has not reduced the size of the stimulus programme but it is expected to use about 450 billion baht, Julapun Amornvivat told reporters, adding the funding was approved by a committee meeting chaired by the prime minister.
The scheme, which would see about 50 million Thais receive 10,000 baht each to spend locally within six months, is slated to start in the fourth quarter but the government has struggled to find sources of funding.
The plan was put forward by the ruling Pheu Thai Party as its flagship policy in the 2023 election. Economists and two former central bank governors have criticised it as fiscally irresponsible.
Source: www.channelnewsasia.com
