Mr. Paopoom stepped in to clarify some misunderstandings about the mammoth 500-billion-baht handout that had circulated in news reports. Initially, Mr. Chai mentioned that the government might consider disbursing the funds first to 14.98 million state welfare cardholders and other vulnerable groups. This possibility stirred some agitation among other eligible recipients who feared they might have to wait longer.
The government wants to ensure that the digital wallet scheme’s rollout will commence within the fiscal year 2024, which concludes on September 30. According to Mr. Paopoom, adherence to Section 21 of the State Fiscal and Financial Discipline Act mandates the commencement of the scheme within this timeframe. Despite the rumors, he emphasized that the government committee overseeing the project had always been committed to distributing the 500 billion baht in one fell swoop to the entire designated group to invigorate the nation’s economy.
All 50 million eligible Thai citizens are expected to register for the 10,000-baht digital windfall in the third quarter, with disbursement commencing in the fourth quarter. This strategic timeline is designed to align with the government’s intentions of economic stimulation across the board.
Adding to the fiscal planning, Mr. Chai detailed that the cabinet gave a green light on Tuesday to a proposal from the Budget Bureau to escalate the budget deficit for the 2024 fiscal year by an additional 112 billion baht. This increase aims to pool together the extra funds, alongside 10 billion baht from various revenue streams, to finance the handout.
With the infusion of this 122 billion baht, the total fiscal budget for 2024 will expand to 3.48 trillion baht. This figure represents a 13.1% rise from the 2023 fiscal budget, staying consistent with the government’s medium-term financial and budgetary blueprint spanning from 2025 to 2027.
Next, the 122-billion-baht expenditure proposal from the bureau will head to parliament for a final review, where it is expected to secure approval by August. According to a cabinet resolution dated April 23, the digital wallet scheme will draw its funding from three primary sources: the 2024 fiscal budget, the Bank for Agriculture and Agricultural Cooperatives, and the 2025 fiscal budget.
In the grand scheme of things, this initiative is more than just an economic stimulus; it embodies the government’s commitment to inclusive growth and fiscal responsibility, ensuring a cohesive and dynamic financial future for Thailand. The orchestrated efforts by Mr. Paopoom, Mr. Chai, and the Budget Bureau are laying the groundwork for a seamless and impactful disbursement that prioritizes both immediate economic relief and long-term fiscal sustainability.
I can’t believe the government is actually moving forward with this massive handout. Is 10,000 baht really going to make a difference?
Every bit counts for many people. It’s easy to dismiss if you don’t need it.
I get that, but is it worth adding 112 billion baht to the deficit? Seems irresponsible.
It’s not just about the money. It’s about confidence in the economy. People will spend more, stimulating growth.
This digital wallet scheme is an excellent idea! It’s about time the government used modern technology to help the masses.
What happens if the digital wallet fails? Not everyone is tech-savvy, especially in rural areas.
That’s why they need education campaigns. Plus, younger people can help their elders.
Focusing on state welfare cardholders first made more sense to me. They need it the most!
Selective disbursement would have created chaos. Better to give everyone at the same time.
As long as it’s fair and efficient, that’s what matters.
Fair in theory, but in practice, who knows if it will be seamless?
This 10,000 baht is going to boost consumer spending and help small businesses survive.
Some small businesses might still prefer direct support instead of trickledown economics.
Fair point, but sometimes consumer spending does quicker work.
If managed correctly, this could be a game changer for the economy.
What about inflation? Won’t dumping all this money into the economy cause prices to rise?
Imagine the scams that could come with this digital wallet system. Scary thought.
That’s a genuine concern. The government needs strong cyber security measures in place.
Wishful thinking. Government and tech rarely mix well.
I’m skeptical it will happen by the fourth quarter. When has the government ever been on time with something this big?
They’ve shown they’re committed. Let’s give them a chance at least.
Aren’t we just using future budgets to pay for today’s problems? This isn’t sustainable.
This reeks of political maneuvering to look good ahead of elections.
I’m just happy the government is trying to do something for the people directly, instead of just for big businesses.
We need more transparency on where exactly this 500 billion baht is coming from.
Agreed. Big promises need clear funding sources.
This is economic suicide. We can’t keep throwing money to solve problems that need structural reforms.
Short-term solutions are still solutions. We can work on structural reforms in parallel.
Can we? Our government has been notorious for not following through on reforms.
This digital wallet idea is futuristic. We’re advancing along with technology!
Let’s just hope it doesn’t advance beyond what our infrastructure can handle.
True, every advancement comes with its set of challenges.
I’m excited. I’ve already started planning how I’ll use my 10,000 baht!