PM Srettha shrugs off critics of THB10,000 digital handout scheme
Prime Minister Srettha Thavisin on Friday shrugged off warnings from respected economists and finance experts against his government’s digital money handout scheme.
He was asked for his reaction to many critics of the project who are people with expertise and high calibre in financial and economic matters, including former advisers of the ruling Pheu Thai Party.
Srettha, who doubles as the finance minister, responded that many of those who support the handout scheme have comparable calibre.
“We have to listen to everyone. We have respect for everyone on this matter,” he told reporters.
Under the scheme, which was promised by the ruling Pheu Thai Party in its election campaign, 10,000 baht in digital money will be given to every Thai aged 16 years and above for spending within a specific area within six months, as part of a short-term stimulus for the economy.
Srettha said on Friday that it would be “impossible” to distribute the money selectively, such as only to those are really in need, as suggested by many critics.
The PM explained that the handout scheme was a major policy of his government. He said the government was attempting to make “proper adjustments” to improve the original criteria.
The handout project, which requires as much as 560 billion baht in state funding, has been heavily criticised. Critics have warned that the scheme will do more harm than good to the Thai economy and impose a massive financial burden.
Among the critics are former and current governors of the Bank of Thailand, as well as former finance ministers.
Former Bank of Thailand governor Veerathai Santiprabhob is the latest expert to come out against the controversial scheme. He warned that such an “irresponsible economic policy” would lead to adverse consequences for the country’s capital and money markets, as well as the lives of everyone in the country.
In his Facebook post on Friday, Veerathai said the government should learn from mistakes committed by certain past governments that created unworthy financial burden for the country with their expensive projects, such as the rice-pledging scheme and subsidy for first-time car owners.
