Backup plan in works in case budget is delayed

New government might not be able to pass spending plan in time for start of 2024 fiscal year on Oct 1

The Ministry of Finance is preparing a backup plan to sustain the economy if delays in forming a new government affect budget disbursement for the 2024 fiscal year starting on Oct 1.

The draft Budget Expenditure Act for fiscal 2024 may face a review to align with the new government’s guidelines before being proposed to parliament for approval, said Krisada Chinavicharana, the ministry’s permanent secretary.

He said the ministry expects this could cause a delay of up to six months in the budget calendar starting from Oct 1.

Consequently, Mr Krisada said, a contingency…