BANGKOK : Thailand’s government will forge ahead with its delayed 500 billion baht (US$13.82 billion) handout scheme to stimulate an economy that was in crisis and worsening, the deputy finance minister said on Thursday (Feb 15).
High interest rates and household debt were the main negative factors weighing on the economy, Julapun Amornvivat told reporters.
“The economy is fragile and so the government will continue with its stimulus policies,” he said.
The stimulus plan, called the “digital wallet”, was a key populist election platform of the ruling Pheu Thai party and entails giving away 10,000 baht (US$276) to 50 million Thais to spend in six months, to try to spur growth.
But the government has been hounded by concerns over how it will be funded, with some experts calling it fiscally irresponsible.
A consultative committee on the scheme, comprised of bankers, economists,…
