Thailand will expedite a 145 billion baht digital wallet program, providing 10,000 baht to 50 million Thais to stimulate the economy amid uncertainty following recent government changes.
Key Takeaways
- Thailand is planning to accelerate the distribution of its digital wallet program aiming to help vulnerable populations.
- The initiative aims to transfer 10,000 baht to 50 million Thais to boost local spending.
- The Thai government highlights the importance of the handout scheme as vital for the economic revitalization.
Thailand plans to accelerate the distribution of its “digital wallet” program, allocating 145 billion baht ($4.2 billion) to assist vulnerable populations.
The Deputy Finance Minister Julapun Amornvivat highlighted the necessity for immediate economic stimulus during a Senate budget debate. The initiative aims to transfer 10,000 baht to 50 million Thais to boost local spending.
Originally set for late 2023, the program’s early rollout is crucial as Thailand’s economy grew only 2.3% in the second quarter. Following a recent political shift, uncertainties loom over the timing of these stimulus measures.
Despite criticisms from economists regarding fiscal responsibility, the government defends the handout scheme as vital for economic revitalization.
Finance officials reported 32 million registrations, with payments expected to start in September, possibly including cash distributions.
