Deputy Finance Minister Julapun Amornvivat elaborates on the much-anticipated digital wallet scheme at Government House on July 24, shedding light on an initiative that’s creating ripples throughout the economic and political arenas. (Photo: Chanat Katanyu)
In an unprecedented move, Budget Bureau director Chaloempol Pensut confirmed on Tuesday that the government can indeed allocate the budget for its flagship 10,000-baht digital wallet handout scheme from the fiscal year 2025. This revelation comes amidst growing concerns from the opposition Move Forward Party (MFP), which has been vocal about the lack of clarity regarding the funding sources for this ambitious initiative.
The MFP previously criticized the government for not adequately detailing how funds for the digital wallet scheme would be sourced from the 2025 fiscal year. Addressing these concerns, Mr. Chaloempol clarified that the government is prepared to re-allocate the 2025 budget, emphasizing that the funds would be sourced from canceled projects. He reassured that this allocation aligns with the fiscal management measures that were transparently announced earlier, as stipulated by the recent Budgetary Transmission Act.
The government’s detailed financial planning for the scheme involves strategically scaling down the budget across two fiscal years. From the fiscal year 2024, the government plans to allocate 160 billion baht, with 122 billion baht coming from the Additional Budget Act and an additional 40 billion baht from other budgetary trims. For the fiscal year 2025, a more substantial 285 billion baht will be earmarked—152.7 billion baht from the annual budget and 132.3 billion baht from meticulous spending cuts.
Mr. Chaloempol emphasized that adapting next year’s fiscal budget, including a supplementary bill, will hinge on the government’s actual financial situation. A supplementary bill seeking to increase the current fiscal year’s budget by 122 billion baht is set for its second and third readings today, following its initial reading on July 17.
Prime Minister Srettha Thavisin has vouched for the transparency and verifiability of the supplementary bill procedures, underscoring that all related sectors have adhered meticulously to the relevant legal frameworks.
Meanwhile, Deputy Finance Minister Julapun Amornvivat confidently reiterated that the digital wallet handout will be deployed by the end of this year as scheduled. He expressed optimism about the robustness of the legal procedures and the progressive strides made in amending the bill.
As the gears of bureaucracy turn, the nation watches with bated breath. The prospect of a digital wallet scheme promises to be a game-changer, potentially boosting economic growth and ushering in a new era of financial inclusivity and innovation. For now, all eyes remain on the government as it navigates this fiscal labyrinth, with the hope that these financial acrobatics will pay off and translate into tangible benefits for the economy and its citizens.
This digital wallet scheme is just a political gimmick to distract from real issues. Where’s the transparency?
The transparency is in the budget cuts and reallocation. It’s all laid out in the supplementary bill.
Cutting budgets from other projects is not sustainable. What happens when new important needs arise?
Exactly, Sara! They can’t just rob Peter to pay Paul. It’s bound to backfire.
Better a political gimmick that helps than no action at all.
This scheme can indeed stimulate the economy if managed properly. The key is in the execution.
Sounds great in theory, but I’ve seen too many of these schemes fail.
Execution is definitely crucial. I hope the government has the right people in place.
I think it’s a cool idea! It’s like getting an allowance but for the whole country!
Haha, cute analogy, but national finances are a bit more complicated than that.
Opposition’s skepticism is warranted. We need more clarity and assurance about where these funds are truly coming from.
Agreed. Transparency in financial matters is non-negotiable.
They’re being as transparent as possible. Everything is announced and documented.
I’m all for digital innovation, but does this address the root economic problems?
How is this any different from previous cash handout schemes which hardly made a difference?
It’s digital—it could improve efficiency and reduce corruption.
Digital or not, the fundamental issue is economic mismanagement.
At least with digital wallets, there’s a chance for better tracking and accountability.
These funds would better serve long-term initiatives like education or healthcare.
True, investing in long-term upliftment has more sustainable benefits.
Short-term stimulation is necessary too. It can provide immediate relief and boost consumption.
Even if the intentions are good, the application is bound to be flawed. Politics always gets in the way.
Moves like these are a slippery slope. Fiscal discipline might get compromised.
Politicians love populist schemes. It’s frustrating but inevitable.
We’ve seen similar schemes in other countries end up in disaster. Will we never learn?
Questions about long-term impacts are valid. But the argument that it’s a political gimmick falls short if it achieves economic stimulation.
I believe if planned correctly, it could be beneficial. The real issue will be in monitoring its progress.
This is just a way for the government to curry favor with the public. It smells fishy.
Politicians are always playing games. Let’s see where this ends up.
Budget reallocation sounds like creative accounting to me.
With technology advancing, it’s a step in the right direction. Better than doing nothing.
Agreed! At least they’re trying something innovative.
A digital wallet is futuristic! It could really modernize financial transactions.
Skeptical as always. But if it helps people in need, why not give it a chance?
Because it’s public money we’re talking about. It needs to be scrutinized heavily.