The Finance Ministry expects a more focused reform of both revenue collection and expenditure to achieve a balanced budget in the next decade, says the ministry’s permanent secretary Krisada Chinavicharana.
He said government expenditure has continued to rise in part because Thailand is an ageing society, resulting in more pension payments. Annual pension payments have surged to around 90 billion baht from 40-50 billion baht in previous years.
Annual state payments for farmers’ income guarantees have also jumped to around 150 billion baht, from 50-60 billion in previous years.
Mr Krisada said the government set a deficit ceiling target of 3%…
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