In light of the recent change in government, a shift in budget priorities comes as no surprise, according to Wissanu. The differing policies between the previous and current administrations are responsible for this adjustment in resource allocation.
The Budget Bureau, under the management of the departing Prime Minister General Prayut Chan-o-cha, has crafted the fiscal 2024 budget bill, which must be approved by Parliament before the end of September, as the fiscal year commences in October.
Wissanu emphasized that the caretaker administration needed to prepare a budget bill as a contingency in the event that the formation of the incoming government faces delays. Earlier, he had projected that the new government would be in place by mid-August. “The new government can modify [the bill],” Wissanu stated, emphasizing that the Move Forward Party, victorious in the May 14 election with 151 MPs, possesses a distinct budgeting strategy compared to the incumbent government.
The Move Forward Party plans to implement the zero-based budgeting approach, which deviates from the traditional budgeting method based on the previous year’s budget. This approach is outlined as one of the policies in the 23-point memorandum of understanding signed by the leaders of the eight coalition partners. The Move Forward Party asserts that conventional budgeting no longer satisfies the requirements of their electorate.
Zero-based budgeting commences from a zero base, as opposed to the figures from the previous year’s budget, and entails every government department justifying all expenditures for the forthcoming fiscal year in addition to prioritizing their most pressing needs.
Wissanu reiterates, “It’s normal for a new government to revamp the budget prepared by the previous government.”
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