Cabinet to review state budget for fiscal 2024
Prime Minister Srettha Thavisin's Cabinet will today (September 13) review the state budget allocation planned for the 2024 fiscal year.
It is understood that the Budget Bureau will propose to the Cabinet at today’s meeting its recommendation to consider amending the budget timetable for fiscal 2024 as well as the expenditure framework.
The budget for 2024, with a total of 3.48 trillion baht, to be proposed for the Cabinet's consideration, estimates government revenue at 2.79 trillion baht and will involve borrowing to offset the budget deficit of 693 billion baht.
The proposed budget framework for 2024 will have an increased budget framework of 3.48 trillion baht, 130 billion more than the earlier framework set by the previous administration of 3.35 trillion baht. This adjustment includes a new estimate of government revenue of 2.79 trillion, 30 billion higher than the previous estimate of 2.76 trillion baht. The borrowing to offset the budget deficit has also increased from 593 billion baht to 693 billion baht.
Part of the increased budget framework for 2024 is intended for government revenue assurance projects in the agricultural sector. To provide the new government with fiscal space for various policies to stimulate the Thai economy immediately, the Finance Ministry has expanded the spending limit under Article 28 of the State Finance Discipline Act of 2018, which previously set the maximum debt at not exceeding 32%.
The 3.35 trillion baht budget framework for 2024 approved by the Cabinet in the previous administration was divided as follows:
Recurrent expenditures: 2.49 trillion baht
Expenditures for debt servicing: 33.76 billion baht
Investment expenditures: 717.20 billion baht
Loan repayment expenditures: 117.25 billion baht
Budget deficit offset: 593 billion baht
Net government revenue estimate: 2.76 trillion baht
Inflation rate within the budget framework: 1-2%
Public debt-to-GDP ratio: 61.35%
Gross domestic product (GDP): 19.42 trillion baht
However, during the transitional period of the government, the budget for fiscal 2024 was approved by Srettha for a period of 8 months from October 1 this year to May 31, 2024, with a set budget limit for various government agencies not exceeding 1.8 trillion baht.
