BANGKOK, Thailand – Thaksin Shinawatra, the former Prime Minister of Thailand, has recently proposed a new idea aimed at alleviating the burden of debt on the Thai people. Although the practicality of his proposal remains uncertain, it has certainly ignited conversation and stirred some hope among his supporters. On March 17, Thaksin unveiled his concept of “debt forgiveness,” which would involve removing people’s debts from credit bureaus without requiring repayment, allowing individuals to restart their financial lives. He emphasized that this plan could be executed without using state funds, suggesting instead the distribution of digital coins issued by the Pheu Thai Party. However, the Bank of Thailand quickly rejected this idea, citing the need for proper financial backing.
Thaksin likened Thailand’s current economic state to a house with a crumbling foundation, asserting that while the economy was damaged during the “Tom Yum Goong Crisis,” it still had the potential for recovery. He expressed confidence that with the right strategies, such as technological solutions, the country could rebuild. While his words garnered applause from many in the crowd, Thaksin concluded his speech by calling on the public to grant Pheu Thai another chance to lead the government.
Deputy Prime Minister and Finance Minister, Phichai Chunhavajira, responded to Thaksin’s suggestion, outlining the government’s stance on debt restructuring. He explained that any solution would need to consider various factors, including discussions with banks and private sector involvement to manage debts. He also acknowledged the difficulty of implementing Thaksin’s proposal without clear financial backing from the state.
Despite Thaksin’s claims that the plan would not require government spending, many remain skeptical, pointing out that the idea still lacks detail and feasibility. The public’s reaction suggests that Thaksin’s proposals may be viewed as mere political tactics, designed to rally support for Pheu Thai and ensure its return to power. With Thailand’s household debt continuing to rise—currently at 16.32 trillion baht, or 89.6% of GDP—any proposed debt relief measures are bound to attract attention, though it remains uncertain whether Thaksin’s “final dream” will ever come to fruition.
Ultimately, while Thaksin’s ideas may be intended to provide hope and solutions for the debt-ridden public, they also raise questions about his true motivations, with many wondering whether this is just another campaign strategy to secure political power for the Pheu Thai Party.
