Prime Minister General Prayut Chan-o-cha signed off on the budget request on Friday in his capacity as defence minister and will next seek approval from the Budget Bureau and the Election Commission, spokesman Admiral Pokkrong Monthatphalin said.
Following dissolution of the House of Representatives, election laws require a Cabinet to receive approval from the Election Commission before the budget can be approved to ensure that no political party can use it for its electoral advantage.
After the commission approves the budget request, it will be sent to the Cabinet for approval and the Navy will then hire a contractor to salvage the ship, Pokkrong said.
The salvaging operation will take about 90 days, he added.
The corvette-class vessel sank in a storm about 20 nautical miles (32 kilometres) off the coast of Bang Saphan district in Prachuap Khiri Khan on December 18 last year with 105 crewmembers on board.
Seventy-six crewmembers were rescued. The bodies of 24 more recovered. The five who remain missing are presumed dead.
Following the dissolution of the House of Representatives on March 20, the Prayut Cabinet functions as a caretaker administration until the new government is ready to be sworn in after the general election on May 14.