Prime Minister Srettha Thavisin announced that the government is developing criteria to determine eligibility for a 10,000-baht digital money handout amid speculation that affluent individuals might be exempted from the scheme. The prime minister, also serving as finance minister, stated that the government is refining the scheme following recommendations from diverse sectors.
PM Srettha remarked, “I am listening to opinions. There will be a proper definition of who counts as rich to ensure fairness. Some groups who are not in trouble may not have to receive it.” This statement came in response to queries about potential adjustments to the eligibility criteria and the consideration of wealthy individuals.
The prime minister also acknowledged Bank of Thailand (BoT) Governor Sethaput Suthiwartnarueput’s suggestion that rich individuals should not be eligible for the handout. “We acknowledged a recommendation from the Bank of Thailand governor that we should be more specific [about who is eligible].”
This digital money handout comes as a key election policy of the ruling Pheu Thai Party and is designed to stimulate local spending. Backed by blockchain technology, the handout ensures that the money will be spent within a four-kilometre radius of the recipients’ registered address.
The 61 year old prime minister confirmed that the handout, aimed at effectively stimulating the economy with a considerable sum, will be given as a single payment, not in instalments. This significant economic stimulus is necessitated by the country’s average annual GDP growth of 1.8% over the past decade and the existing household debt standing at 91% of GDP, reported Bangkok Post.
While the launch of the handout was initially planned for February 1, 2024, the prime minister revealed that the timeframe is under review, with the intention to deliver the handout as soon as possible.
Deputy Finance Minister Julapun Amornvivat indicated that the scheme will require less than 560 billion baht (US$ 15,441,888,000), as the number of eligible recipients, Thai citizens aged over 16, is approximately 54.8 million, not the initially estimated 56 million. Furthermore, some individuals have declared their intentions not to partake in the scheme.
The Senate Committee on Political Development and Public Participation convened on Tuesday with the Auditor-General, the National Anti-Corruption Commission (NACC), and the Election Commission (EC) to discuss the planned digital handout scheme. Committee Chairman Senator Seree subsequently disclosed the results of the meeting.
The Auditor-General is currently monitoring the handout scheme and seeking expert opinions. Seree added, “The committee wants the government to be careful implementing the scheme to avoid causing damage to the country.” The NACC and EC are also keeping a keen eye on the scheme, with concerns about potential policy-oriented corruption and economic risks.
Thailand News