Government seeks Council of State’s approval for 500 billion baht loan to finance digital money handout scheme for eligible citizens.
Government Consults Legal Advisors on 500 Billion Baht Loan Bill
The government is seeking legal advice from the Council of State on the legality of a proposed bill to borrow 500 billion baht for a digital money handout scheme. The scheme aims to provide 10,000 baht to eligible citizens and is currently under review by the government’s legal advisory body, affirmed Deputy Prime Minister Phumtham Wechayachai.
Digital Wallet Scheme Aims to Stimulate Economy
The digital wallet scheme, a key election promise of the ruling party Pheu Thai, is intended to stimulate the economy through micro-investments. Recipients are expected to combine their funds with family members for larger investments, rather than simply using the money as a cash giveaway. The Bank of Thailand and the National Economic and Social Development Council have also been consulted about the scheme.
Eligibility and Restrictions of the Scheme
The scheme targets Thai citizens aged 16 and above, earning less than 70,000 baht per month, with less than 500,000 baht in bank deposits. Approximately 50 million people are expected to be eligible. Restrictions are in place to ensure that the funds are used for food and consumer goods within the recipient’s registered home district, with limitations on online purchases, luxury items, and paying off debts and bills. Coalition parties are waiting for the Council of State’s verdict before making their decision to support the bill.
Source : National News Bureau of Thailand