Digital wallet scheme to go ahead after new Cabinet formed: Pheu Thai

The ruling Pheu Thai Party will push ahead its flagship 10,000-baht handout campaign after the new Cabinet is formed and the government declares its policies to Parliament, Chanin Rungtanakiat, Pheu Thai’s deputy spokesman, said on Saturday. 

He said there have been rumours about changes to be implemented in the details of the campaign, but the key decision can only be made after the new government assumes full authority in the administration.

Several parties have suggested that the campaign limit the recipients to only those below the poverty line and in vulnerable groups – estimated at 20 million to 25 million people – instead of all Thais aged over 16 whose annual income is less than 840,000 baht per annum and do not have 500,000 baht in bank deposits.

Others believe that the money will be distributed to holders of state welfare cards in the form of cash and not digital currency, as opposed to the campaign’s original name of “digital wallet scheme”.

“A major economic stimulus is an urgent necessity that must be implemented immediately,” Chanin said. “The government under the leadership of the Pheu Thai Party is committed to moving forward with this plan. However, it may be necessary to make slight adjustments to the procedures or formats to suit the situation better.”

He assured that these changes will be implemented under the highest level of caution to minimise the risk of diminishing the campaign’s full benefits to the economy and the public.

Chanin also ensured the readiness of the budget to fund the campaign, adding that the first portion of 122 billion baht will come from the Additional Budget Expenditure Act for fiscal year 2024, which passed Parliament readings.

The second portion will come from the central budget for FY2025, with the draft currently being reviewed by the House of Representatives’ ad hoc committee and should enter the parliamentary discussion early next month, he said.

"The new government's economic stimulus will have a positive and rapid impact on the economy, boosting purchasing power and revitalising the 'dry wells' across the country. It will increase liquidity and infuse more money into the economic system,” Chanin said.