The Cabinet, during a meeting on Tuesday (Apr 23) approved in principle a new digital wallet scheme designed to boost the economy, as announced by Prime Minister and Finance Minister Srettha Thavisin. The program aims to disburse 10,000 baht through digital wallets to Thai citizens over the age of 16, who earn less than 70,000 baht per month and have bank deposits under 500,000 baht. The beneficiaries are expected to spend this amount at local businesses.
The scheme, initially proposed by the Pheu Thai Party, is projected to inject approximately 500 billion baht into the economy and potentially increase the country’s GDP by 1.2-1.6%. The Cabinet’s approval sets the framework for identifying target groups, establishing criteria for participating businesses, outlining the registration process, and defining the conditions for disbursing and spending the funds, including the eligible products and services.
The Finance Ministry, along with the Bank for Agriculture and Agricultural Cooperatives (BAAC) and the Budget Bureau, has been assigned to study and detail each component of the scheme.
On April 10, the government disclosed that it would allocate 172.3 billion baht from the BAAC to support this initiative. The Cabinet has recommended that any agencies with questions regarding the BAAC’s role and responsibilities consult with the Council of State. This step is intended to ensure that all actions are transparent and conform to the legal standards. (NNT)
