The government is currently consulting with the Council of State regarding the legality of a bill to borrow 500 billion baht. This sum is intended to finance a digital money handout scheme, which would provide 10,000 baht to eligible citizens.
Deputy Prime Minister Phumtham Wechayachai has affirmed that the bill, proposed by the ruling party Pheu Thai, is under review by the government’s legal advisory body.
This digital wallet scheme, a key election promise of Pheu Thai, aims to stimulate the economy rather than being a simple cash giveaway. The government believes that the initiative will encourage micro-investments, as recipients are expected to combine their funds with family members for larger investments.
Government Spokesman Chai Wacharonke noted that the Bank of Thailand and the National Economic and Social Development Council have been consulted about the scheme. The decision to use a loan bill for funding follows the precedent set by previous governments for financing large-scale schemes.
The scheme targets Thai citizens aged 16 and above, who earn less than 70,000 baht per month and have less than 500,000 baht in bank deposits. Approximately 50 million people are expected to be eligible for this initiative. Restrictions are in place to ensure the funds are used for food and consumer goods within the district of the recipient’s registered home, barring uses such as online purchases, buying luxury items, or paying off debts and bills.
Coalition parties are now awaiting the Council of State’s verdict on the bill before committing their support. (NNT)
