Govt’s campaigns to be funded from four sources

The new government under Prime Minister Paetongtarn Shinawatra is eyeing four sources to fund its campaigns that aim to improve the country’s economy and people’s wellbeing, a Government House source said on Thursday.

The information came after the PM’s delivery of her policy statement to the Parliament, in which she highlighted 10 urgent policies to “create opportunities and economic equality by solving the debt crisis, reducing the cost of living, boosting income and dealing with issues that affect social security”.

The source said the 10 policies would require extensive funding, which the government aimed to find from four sources.

1. Financial Institutions Development Fund (FIDF). The government could amend the law to allow half of FIDF’s contributions to finance government campaigns, especially those related to debt restructuring.

The fund has been collecting 0.46% of financial institutes’ deposits annually. The contribution however was halved during Covid-19 situation in a bid to allow banks to reduce interest rates for their borrowers.

2. Sale of non-state enterprise shares held by the Finance Ministry. The ministry holds shares in 36 companies in various businesses worth 796.63 billion baht. Examples of these companies include TMBThanachart Bank, Bangchak Corporation, Boon Rawd Brewery, PTT Oil and Retail, and Don Muang Tollway.

3. Tax collection on informal and underground economies, such as online gambling. It is estimated that tax from these economies could exceed 50% of the country’s current GDP, and could be earmarked for campaigns that improve education, public health and infrastructure.

4. Income from entertainment complexes, a man-made tourist destination featuring theme park, water park, shopping mall, and legal casinos.

Entertainment complexes would also help boost the tourism industry, especially MICE (meetings, incentives, conferences and exhibitions) groups that generated some 1.84 trillion baht of income in 2023.