The upcoming fiscal landscape is set to witness the smooth sailing of the 2025 budget bill, according to chief government whip Wisut Chainarun. The House of Representatives has lined up a three-day debate starting Tuesday to sift through the nuances of the 3.75-trillion-baht budget plan. This budget bill, already given the nod during its first reading on June 21, is on the trajectory to secure broad approval.
Wisut Chainarun appeared notably confident on Monday, stating, “The bill should pass the House comfortably. It is expected to receive the support of at least 320 MPs from the coalition parties.” He emphasized that the caretaker government is well-prepared to address any challenges posed by the opposition, especially concerning the much-discussed digital wallet handout scheme.
Backing this sentiment, Sorawong Thienthong, secretary-general of the Pheu Thai Party, articulated his expectation that MPs from the Democrat Party, now allies in the Pheu Thai-led coalition, will throw their weight behind the budget bill. This bipartisan endorsement is seen as a crucial stabilizing factor in the bill’s passage.
However, not all voices are singing the same tune. Sirikanya Tansakun, a list MP from the opposition People’s Party, has indicated her party’s intention to scrutinize the digital wallet scheme closely. “The government has been struggling to find sufficient funds for the scheme, which requires 450 billion baht,” she remarked, highlighting a significant point of contention.
Delving into the financial blueprint for the year, the cabinet sanctioned a budget worth 3.75 trillion baht on May 28 for the fiscal year commencing on October 1 and concluding on September 30 of the subsequent year. This budget is set to be fueled by an estimated tax revenue stream of 2.88 trillion baht, augmented by a loan aimed at bridging a budget deficit tallying around 865 billion baht.
Intriguingly, a hefty 152.7 billion baht slice of the budget pie is earmarked for the government’s digital wallet handout scheme. Despite the higher deficit this year, a record 908 billion baht has been reserved for investment purposes, marking a 27.9% increase compared to the previous fiscal year. The government has ingeniously mapped out a strategy to cover the 450 billion baht required for the digital wallet handout, pulling resources from the budgets spanning fiscal years 2024 and 2025.
In essence, 160 billion baht will be sourced from the 2024 fiscal year. This figure coagulates contributions including 43 billion baht from the 2024 central budget and 122 billion baht from additional budgetary allocations for 2024. Meanwhile, moving into 2025, 152.7 billion baht is slated to come directly from the annual budget. The remaining 132.3 billion baht will be acquired through scrutinous management of other financial reservoirs, such as the central budget and unutilized funds from various agencies.
With all eyes on this multifaceted budgetary exercise, the stakes are undeniably high. The debate days promise a high-octane blend of policy defense, financial acrobatics, and political dialogue, setting the stage for what could be a defining moment in Thailand’s fiscal future. As these discussions unfold, one thing remains certain: the art of managing a national budget is as much about political finesse as it is about financial stewardship.
I think Wisut is overly optimistic. There’s been widespread dissent about the digital wallet scheme. This could face significant roadblocks.
Why would MPs not support a budget that helps the economy? The digital wallet scheme is expected to boost spending.
But can the economy afford the scheme? That 450 billion baht has to come from somewhere, and mismanagement can lead to a larger deficit.
Wisut does have a point. The coalition government seems united. Sirikanya’s objections might not hold water when push comes to shove.
How can they count on tax revenues that haven’t been secured yet? It’s irresponsible to plan on borrowed money.
Many governments plan budgets based on projected revenues. It’s not new and certainly not unique to Thailand.
Yes, but the projected revenues need to be realistic. Overoptimism can lead to deficits and cuts in critical areas.
Sorawong is right to feel confident. The coalition’s backing shows that this budget will foster unity and progress.
The deficits are huge! A 27.9% increase in investments sounds nice, but who bears the burden of the loans?
I’m impressed by how comprehensively the government has planned out the budget. It seems they’ve thought of every angle.
It’s easy to make plans on paper. Execution is another story altogether.
True, but a well-laid plan is a good starting point. Seeing it to fruition will depend on their ability to adapt.
They’ve been dodging real questions about where all the money will come from. Scrutiny from the opposition is necessary.
Is it really smart to pull funds from multiple fiscal years to support one scheme? Seems like robbing Peter to pay Paul.
Investment in digital infrastructure is essential for future growth. This budget just focuses on the long-term.
What about healthcare and education? Is the government prioritizing investment in these critical areas too?
The budget is multifaceted, it’s not just about the digital scheme. I’m sure healthcare and education are included.
Interesting how the Democrat Party is now supporting Pheu Thai. Such bipartisan cooperation is rare!
A smooth passage? I doubt it. There’s bound to be a ton of debate, especially with the opposition on high alert.
The digital wallet scheme feels like a populist move to win votes rather than a genuine economic strategy.
Even if it is, isn’t populism about serving the people’s needs? It might just be what the economy needs to thrive.
Digital handouts? Sounds like a recipe for inflation. How will they control the economic repercussions?
Good point. Uncontrolled spending can lead to inflation and weaken the currency.
Inflation might be a risk, but it all depends on how they manage the rollout of the funds.
Can someone explain why is the digital wallet such a big deal? Isn’t it just like any other welfare program?
It’s more comprehensive and targets a broad swath of the population. The scope is much larger than typical welfare schemes.
That makes sense. I didn’t realize the scale was so big. Hopefully, it helps those who really need it.
Budgets are moral documents. The way resources are allocated speaks volumes about societal priorities.
Government planning to allocate unutilized funds is a strategy most countries should adopt. It minimizes waste.
But it requires impeccable management. Unused funds often go unused for a reason—they may be earmarked for essential projects.
I hope the debate is substantive and doesn’t just dissolve into political grandstanding. This is a critical moment for Thailand.