In a dynamic game of political chess, Thailand’s Prime Minister, Srettha Thavisin, defended the controversial government scheme involving a 10,000-baht digital wallet giveaway, rejecting criticism from the opposition Move Forward Party (MFP). “Our primary goal is not to dupe or deceive, but rather to uplift the living standards of our citizens. Let’s let go of political conjectures and stick to the realities we are facing,” the Prime Minister voiced during an official meeting.
The government plans to present a bill to borrow 500 billion baht to finance the digital money handout scheme. But it’s within opposition’s nature to oppose, and so, MFP’s deputy leader, Sirikanya Tansakun, ruled out the possibility of the bill becoming law, questioning its constitutionality and its conflict with the financial and budgetary discipline law.
Defending the government’s position, Pheu Thai Party spokesman Danuporn Punnakan underlined the vital necessity to stimulate the economy by infusing money directly into the system, promoting spending at the grassroots level. As per the scheme, those 16 years and older, earning not over 70,000 baht a month, and those with less than a 500,000-baht deposit in their bank accounts qualify for the handout.
Meanwhile, intense debates centered around the handout scheme’s extensive reach. With around 4.8 million people disqualified for either earning above 70,000 baht a month or possessing over 500,000 baht in bank deposits, the remaining 50 million people are now eligible for the handout. Previously, the eligible count was supposed to be approximately 54.8 people.
Despite facing backlash, the government is firm on stimulating the economy. Danuporn reiterated the urgency, especially considering the economic hardships experienced by the country’s general population. He clarified that the assistance will be fairly given out across the board, dismissing rumors of it being biased towards certain groups.
“It may not seem urgent to MFP, but we, Pheu Thai MPs, are aware of the hardship people are facing. Our aim is to boost public confidence, a key factor in economic stimulation,” Danuporn explained.
The government is also taking a holistic approach to this scheme. It is working in tandem with the National Economic and Social Development Council as well as the Bank of Thailand for the supervision of the scheme, considering various perspectives before firming up the detailed structure of the project.
After public feedback, they are contemplating expanding the digital spending scope beyond the primary proposition of a 4km radius. Moreover, the government is exploring the idea of using the existing Paotang app rather than developing a new digital wallet platform.
With the political heat escalating, political activist Srisuwan Janya expressed intentions to petition for a Constitutional Court ruling concerning the borrowing bill’s constitutionality and alignment with fiscal discipline. If the bill fails to pass, the government may be left with no choice but to dissolve the House or the Prime Minister might have to step down, suggests Somchai Srisutthiyakorn, a former election commissioner.
As the controversy spirals, the public stands divided. For some, the scheme brings hope, while others express concern for those the scheme leaves in its wake. Debates rage about not considering those with a bank balance of over 500,000 baht who may still be economically vulnerable, or the impracticality of restrictions forbidding the use of the digital money to repay debts. Stakes are high. As the unfolding drama awaits decisive action, the scheme’s impact on the nation’s financial health remains uncertain.
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