File photo : PM Srettha Thavisin
Thailand’s ruling coalition continues to juggle with the challenge of arranging funding for the digital wallet scheme that involves cash handouts totaling 500 billion baht.
The government had planned direct borrowing of the entire amount, but the risk of violating the Constitution and the state fiscal and financial disciplines act forced it to look for alternative sources. The fiscal discipline act allows borrowing by the government to distribute cash to the people only in an emergency situation. The government’s repeated attempts to label the Thai economy as “in a crisis” has not cut much ice to justify the massive spending aimed at boosting consumption.
Alternative funding sources
The government recently abandoned its legislature loan proposal. Instead, Prime Minister Srettha Thavisin is dipping into the normal annual budget for fiscal…
