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Thailand’s 500-billion-baht digital wallet scheme in limbo
Despite the setbacks, the government remains committed to the program as a key part of its stimulus measures. The current leader of the ruling coalition, Pheu Thai, had promised during its election campaign to distribute 10,000 baht to all Thais aged above 16 through a digital wallet.
The Thai government is facing another delay in the rollout of a 500-billion-baht digital wallet scheme, with no new timeline provided.
- The rollout of Thailand’s 500-billion-baht digital wallet scheme has faced another delay, with no new timeline provided, creating uncertainty about its implementation.
- The government aims to boost economic growth through the digital wallet scheme, but the delay adds to existing concerns about its funding and fiscal responsibility.
- The digital wallet handout, a key policy of the ruling Pheu Thai Party, has faced criticism and warnings from experts and the National Anti-Corruption Commission, raising doubts about its legality and effectiveness.
Disagreements between the government and the Bank of Thailand
The scheme, aimed at boosting the economy by providing 10,000 baht to 50 million citizens via a mobile app, has been postponed from its original February launch to a date after May. The delay comes amidst concerns over funding and disagreements between the government and the Bank of Thailand on economic revival strategies.
Despite the setbacks, the government remains committed to the program as a key part of its stimulus measures. The current leader of the ruling coalition, Pheu Thai, had promised during its election campaign to distribute 10,000 baht to all Thais aged above 16 through a digital wallet.
NACC yet to reach final decision
Additionally, the scheme has faced scrutiny from experts and the National Anti-Corruption Commission. The NACC’s role is to provide recommendations, and the final decision will depend on the government. The subpanel found no economic crisis warranting a 500-billion-baht loan for the project, based on input from various government agencies.
Council of State against loan bill for digital wallet
The Council of State has advised against the government’s plan to borrow 500 billion baht for its digital wallet scheme, stating that it would be contradictory and potentially violate fiscal laws. The Council suggested that the government should use an executive decree instead of enacting a bill for urgent economic situations.
Critics have warned that the loan bill could violate fiscal discipline laws and the Constitution. The Council also pointed out that the government would struggle to allocate the necessary funds in the future budget to offset the loan.
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