Government Pledges to Address Household Debt Crisis

The government has reaffirmed its dedication to tackling household debt, focusing on easing the financial pressures of home loans, car loans, and SME loans. The Ministry of Finance and the Bank of Thailand are working together to develop targeted solutions that provide financial relief while maintaining fiscal discipline.

Key Takeways

The government emphasizes its dedication to relieving household debt, particularly regarding home, car, and SME loans. Collaborative efforts by the Ministry of Finance and the Bank of Thailand aim to devise solutions that offer financial relief while maintaining fiscal responsibility.
Prime Minister Paetongtarn Shinawatra and the Economic Stimulus Policy Committee have launched the “Economic Stimulus Program for Senior Citizens,” designed to reduce living costs for those over 60, boost domestic spending, and spur economic growth.
In its second phase, the 10,000 baht digital wallet program will target four million seniors with incomes below 70,000 baht and bank balances under 500,000 baht. With a budget of 40 billion baht, distributions will occur via PromptPay by January 2025, with inclusive registration options for those without smartphones, and broader program implementation planned for mid-2025.

Prime Minister Paetongtarn Shinawatra, along with the Economic Stimulus Policy Committee, has endorsed the “Economic Stimulus Program for Senior Citizens.” This initiative aims to lower living costs and enhance the quality of life for individuals aged 60 and above. The program is also anticipated to stimulate domestic spending, infuse funds into the economy, and support broader economic growth.

The Finance Ministry recently announced that a second phase of the 10,000 baht digital wallet program will benefit approximately four million seniors. With a total budget of 40 billion baht, payments will be distributed via PromptPay linked to national ID numbers by January 2025. Eligibility is limited to seniors with annual incomes below 70,000 baht and bank account balances under 500,000 baht. Recipients must register through the “Thang Rath” application and must not have participated in earlier phases of the program or other recent welfare initiatives.