Digital wallet payouts vital to stimulating economic growth
Deputy Finance Minister Julapun Amornvivat has reaffirmed the government's commitment to providing 10,000 baht to the public through digital wallets.
He noted the positive aspects of widespread criticism and discussion about this policy, pointing out that such scrutiny was lacking in the previous government.
With the current state of the Thai economy falling short of its full potential, this policy is designed to stimulate economic growth, create job opportunities, attract investments, and enable the government to recoup funds through taxation.
The policy is part of a comprehensive set of measures aimed at improving the Thai economy, including such initiatives as visa-free entry, reduced energy prices, and efforts to attract investors, all of which are intended to ensure economic stability and achieve a 5% GDP growth rate in the near future.
"It's not something we can avoid. We will do our best and will consider the legal framework details and the budget constraints with financial discipline in mind," Julapun said.
He stated that people are eagerly awaiting the government's decision, adding that the government is open to hearing various opinions about this policy. As negative figures in the economy continue to increase, including household debt and public debt, it is necessary to acknowledge the current economic fragility in Thailand and thus imperative to proceed with this policy.
He clarified that digital currency is not newly created money but operates within existing legal frameworks. It is a digital form of currency used under specific conditions, aimed at stimulating economic activity rather than savings or debt repayment.
The restriction limiting the use of funds to within a 4-kilometre radius of the recipients’ homes may be expanded to cover larger areas, such as districts or provinces, with further details to be announced this month
While the funding source for the project is not yet fully determined, it will primarily come from the budget, and fiscal discipline will be upheld.
Julapun also highlighted the ongoing cooperation with the Bank of Thailand (BOT), with regular communication and a harmonious working relationship. The BOT governor is actively involved in the policy committee.
