Unfazed by critics, Srettha promises to go ahead with 10,000-baht handouts in first quarter of next year
Thailand’s new PM-elect Srettha Thavisin said he expects the 10,000-baht digital currency handout promised to every Thai aged 16 and above to be implemented in the first quarter of 2024.
This controversial policy was one of the promises Pheu Thai Party made to voters in the run-up to the May 14 general election.
This handout, however, has come under great criticism, with many critics pointing to the potential damage it could cause to the country’s monetary and fiscal discipline. The critics include current and former Bank of Thailand governors.
Srettha promised on Saturday that the policy will be implemented in “full force” because it is “an important issue and a major measure” to help Pheu Thai in its moves to stimulate the Thai economy.
“People related to the policy will meet on Monday or Tuesday to discuss relevant information and prepare a timeline. I hope [the policy] will be implemented in the first quarter of next year,” the new premier said.
As for recent public opinion surveys indicating that Pheu Thai’s popularity has plummeted because it formed a coalition with parties from the previous government, Srettha said his party will prove itself through its performance.
“We are working relentlessly, but I have to admit we cannot control people’s expectations,” he said. “I believe all 11 coalition parties are aware of people’s demands and understand problems. We know that the country needs to move forward by leaving conflicts behind,” Srettha said, referring to the long-lasting political divide that was sparked in the early 2000s.
Pheu Thai deputy secretary-general Paopoom Rojanasakul had said on Friday that the 10,000-baht handout policy could be implemented within the first half of next year.
“Before Songkran in April 2024, more than 50 million Thais aged 16 and above would be able to spend 10,000 baht through the [digital wallet] system. Over 560 billion baht will be distributed to all areas throughout Thailand,” he said.
Paopoom, who is expected to become deputy finance minister in Srettha’s Cabinet, said the estimated 560 billion baht required for the project would not affect the government’s monetary and fiscal discipline and the money would not come from a state loan.
