PM will announce final details of digital wallet scheme on July 24
The handout project will go to Cabinet for approval on July 30, so recipients can start using the funds in the last quarter
Prime Minister Srettha Thavisin will announce the final details of the 500-billion baht digital wallet scheme on July 24, Deputy Finance Minister Paophum Rojanasakul said on Monday.
He explained that the premier is expected to announce all key details of the scheme, in which 10,000 baht in a digital wallet will be handed out to 50 million Thais.
In the announcement, Srettha will also list exactly what can be bought with the money in the digital wallet and the dates for recipients and shops to register.
Paophum said the registration system for the project is ready.
The deputy finance minister said the subcommittee in charge of implementing the project will meet on Wednesday to finalise the details, after which the national digital wallet policy committee will meet on July 15 to endorse the details.
The July 15 meeting will be chaired by the prime minister, who will announce the details about 10 days later, Paophum said.
The final details of the project will then go to the Cabinet on July 30 and people can start using the digital wallet in the last quarter of this year, Paophum said.
He added that the project will not be scaled down and the 500 billion baht required will come from the budgets of fiscal 2024 and 2025, while 170 billion baht will come from the coffers of the Bank for Agriculture and Agricultural Cooperatives.
He said that though the “negative list” of items that cannot be bought with the handout has yet to be finalised, he is confident that recipients will not be able to buy a smartphone or any electronic items with it. The list will also include imported items, he added.
When asked to comment on the World Bank’s estimate that the scheme’s contribution to economic growth will only be about 0.5-1%, Paophum said its economic impact cannot be accurately predicted just yet.
He added that since people will be restricted to spending the money in their districts, it could lead to higher growth than predicted by the World Bank. He explained that in the past, no stimulus measures had ever been restricted to specific areas, so their impact was not very clear.
