On the horizon lies a pivotal decision concerning Thailand’s proposed 10,000-baht digital wallet subsidy, awaiting the Council of State’s verdict expected in early 2024. The scheme’s fate, slated for May, rests upon this crucial response.
The Ministry of Finance initiated consultations with the Council of State, seeking clarity on a 500 billion baht borrowing bill pivotal to support the proposed subsidy. The forthcoming ruling from the council is poised to determine the compliance of the plan with the 2018 State Fiscal and Financial Discipline Act, which allows borrowing in times of urgency.
Deputy Finance Minister Julapun Amornvivat emphasized that the bill’s fate hangs on the definition of the economic situation as a crisis, with recent indicators like the 1.5% GDP growth playing a pivotal role in this assessment.
This scheme is a vital component of a broader economic strategy aiming for a 5% annual GDP growth, aligning seamlessly with the government’s economic objectives. The eligibility criteria for the subsidy target Thai citizens aged 15 and above earning below 70,000 baht monthly, with less than 500,000 baht in bank deposits.