Yesterday, Prime Minister Srettha Thavisin presented his inaugural policy statement to the assembly, associating the current state of the nation to a “patient in need of rehabilitation.” He emphasized the urgent interventions required, including the provision of a 10,000-baht digital monetary stimulus and the reduction of energy tariffs. The Prime Minister underscored the alarming socio-political and economic crises Thailand is grappling with, significantly aggravated by the ongoing Covid-19 pandemic.
According to Mr. Srettha, enduring issues like poverty and social disparity are hindering Thailand’s progress and have engendered a crisis of public trust. The government’s primary goal, he affirmed, is to rectify these problems, laying the groundwork for national advancement.
Moreover, Thavisin explained that the Thai economy has been weathering the storm of a shifting geopolitical landscape and the escalating struggle among global superpowers, necessitating astute strategic positioning for Thailand to shield its interests.
The Prime Minister outlined the daunting situation where national household debt surpasses 90% of the country’s GDP, with public debt reaching 61% of GDP this year, painting a stark picture of the nation’s fragile economic condition.
To stimulate economic growth, the government has laid out an array of immediate short-term fiscal interventions. These include the 10,000-baht digital cash incentive and several solutions aimed to alleviate the debt burden on farmers and SMEs. Thavisin assured that these interventions would not compromise national fiscal discipline or impair the government’s repayment capacity.
During his speech, Thavisin defended the government’s move to temporarily abolish visa restrictions for Chinese nationals, and expedite visa procedures for international participants, highlighting the tourism industry’s crucial role in job creation and income generation. Notably, he stated, “Thailand, like a gravely ill patient, is at risk of an economic downturn due to the sluggish recovery of tourism and consumer spending.”
The Prime Minister also committed to seeking alternative energy sources while reducing the cost of essential commodities like cooking gas, oil, and electricity. Thavisin emphasised the government’s intentions to safeguard the monarchy and confirmed that the constitutional amendment process wouldn’t tamper with any monarchy-related clauses.
In response to Thavisin’s policy announcement, Deputy Leader of the Move Forward Party (MFP) Sirikanya Tansakul held that the government’s guidelines lacked precision, pointing to ambiguous benchmarks which she claimed indicated lack of confidence in successful implementation.
Tansakul queried the funding sources for the digital wallet scheme, hypothesizing the government may need to turn to borrowing due to deficient revenue streams. Woraphop Viriyaroj, MFP list-MP, proposed the digital wallet initiative be tailored to benefit SMEs rather than large corporations.
Additionally, Acting Democrat leader, Jurin Laksanawisit, questioned the missing campaign promises such as minimum guaranteed income for fresh graduates and a daily minimum wage increase to 600 baht in the policy statement.
Laksanawisit emphasized the importance of upholding the rule of law and equal enforcement for both the rich and the poor, stating, “If the previous government faltered, yours should strive to rectify it instead of letting it slide.”
During the first day of the two-day government policy debate, much attention was paid to Pheu Thai’s digital wallet scheme. Deputy Finance Minister Julapun Amornvivat contended the digital wallet pledge as a well-planned measure to revamp the economy, insisting it’s not an attempt to woo voters during the campaign nor will it destabilize fiscal operations.
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