Digital wallet scheme dissenters ‘living in an ivory tower’: Julapun
Following an escalation in criticism, Deputy Finance Minister Julapun Amornvivat has lashed out at those opposing the government’s flagship digital wallet scheme, saying they are living in an ivory tower.
“Some individuals live in an ivory tower and detach themselves from the rest of the population. They argue [the handout] is unnecessary as they think people have money. Pat your pockets and see if you have that money!” Julapun said during his visit to Udon Thani province on Tuesday.
Julapun, who also serves as deputy leader of the ruling Pheu Thai Party, reiterated that the government would go ahead with the scheme, adding that the Thai economy is in crisis and urgently needs a boost.
Earlier, according to TV Channel 3, the secretary to the Finance Minister and the deputy leader of the ruling party Paopoom Rojanasakul compared the Thai economy to cancer and the digital wallet scheme to chemotherapy.
The sentiment was opposed by economists, among them the former director of the Centre for International Trade Studies of the University of the Thai Chamber of Commerce, Aat Pisanwanich, who said that Thailand is not in crisis.
He cited the situation during the 1997 Asian financial crisis when Thailand’s Gross Domestic Product (GDP) fell to minus 6 per cent as a comparison to today’s state of affairs.
“There was a huge amount of unemployment and the banking sector collapsed. When we compare those data to the current situation of the economy in Thailand, they are completely different,” he said.
The academic also urged the administration to use the 500 billion baht designated for the handout for what he called more useful measures like improving water management and reducing the costs of production for farmers.
The recent report by the National Economic and Social Development Council (NESDC) calculated that Thailand’s GDP grew by 1.7 per cent in the fourth quarter of 2023 and 1.9% per cent in 2023.
The economist’s comment aligns with that of the National Anti-Corruption Commission (NACC), which declared that the kingdom’s economy is experiencing a slowdown rather than a crisis, citing data from the World Bank and the International Monetary Fund.
The NACC proposed that the administration should refine the target group of those eligible for the giveaway to avoid any economic long-term consequences and a breach of monetary laws.
Meanwhile, Prime Minister Srettha Thavisin told the media after the weekly Cabinet meeting today (February 20) that the Cabinet has tasked the national digital wallet committee to review the NACC’s proposals and give its opinion within 30 days.
Julapun also apologised for the late implementation of the scheme but promised the 10,000 baht would be given directly to the people.
The Pheu Thai-led government earlier pledged that its flagship digital wallet handout would be implemented in or around February 2024, but the deadline was then changed to May. The date for the implementation of the scheme has now been indefinitely postponed.
Funding for the policy will be sourced from the enactment of a law authorising borrowing of up to 500 billion baht, a decision that requires parliamentary approval.
