The House of Representatives has approved Thailand’s budget bill for the fiscal year 2024, totaling 3.48 trillion baht. The approval, after months of delay, comes more than five months into the fiscal year, with the new budget marking a 9.3% increase in spending compared to the previous year and setting the deficit at 693 billion baht, slightly down from the year before.
Following three days of intense debates among parliament members, the vote concluded with 298 in favor, 166 opposed, one abstention, and one lawmaker absent, marking the resolution of the decision. The budget bill now awaits the Senate’s nod and royal assent, which is anticipated to occur next week, paving the way for the disbursement of funds to start in early April. The move is deemed critical for the government’s plans to revitalize the economy, exacerbated by high household debt and interest rates.
The budget’s passage was stalled by political standstills following the May election last year, delaying the originally planned disbursement date of October 1, 2023. The formation of the current government in August was a step towards resolving the impasse. (NNT)
