Pheu Thai will use NACC opinion as excuse to abandon digital wallet scheme: Korn

In a Facebook post on Tuesday, Korn said the project – a flagship campaign policy for Pheu Thai – will not win support from coalition partners and will meet many political, economic and legal obstacles.

He said he was airing his beliefs as a citizen and a former finance minister who was experienced in financial affairs.

He said that since he has left politics, he does not want to talk about political issues, but said the Pheu Thai-led government’s plan to borrow 500 billion baht to finance the digital wallet scheme would have severe a impact on the country.

Korn quit the Chart Pattana Kla Party and declared he was washing his hands of politics before the party joined the Pheu Thai-led coalition.

He added that he has read reports about the National Anti-Corruption Commission (NACC) subcommittee’s opinions on the digital wallet scheme and realised that the project will never materialise.

The NACC subpanel reportedly said only economic calamities to the magnitude of the 1997 Tom Yum Kung crisis, the 2011 great floods and the Covid-19 pandemic can warrant a loan as huge as 500 billion baht.

Political observers expect the government to use the NACC’s opinions as an excuse to abandon the project.

“I can conclude that the current economic situation is not in a crisis, and since it is not in a crisis, the borrowing bill will not meet the criteria of Article 53 of the fiscal discipline act on off-budget loans,” Korn said.

“Since the NACC has reached this conclusion, it will be very risky for the government to move forward. But if the Pheu Thai dares to go ahead, I don’t think other coalition parties will support it.”

Korn explained that the digital wallet scheme was only a Pheu Thai policy, and only Pheu Thai would stand to gain if the project was successful.

He noted that the digital wallet scheme was different from the southern land bridge project, which surfaced during the tenure of the last government and several of Pheu Thai’s partners were also part of the previous administration.

Korn said he believes that if the digital wallet scheme was dropped now, all other coalition partners would heave a sigh of relief.

“This way, the partners will not have to take a risk and Pheu Thai will have to bear the brunt alone. However, if the project fails after clearing the Cabinet or the House [of Representatives], other coalition partners will also be held responsible,” Korn wrote in the Facebook post.

He noted that several coalition MPs and Cabinet members, who were part of the opposition in the last government, had signed their names to seek a constitutional ruling on Prayut Chan-o-cha’s enactment of a 2-trillion-baht borrowing bill. The court ruled against the bill.

Hence, he said, these MPs and Cabinet members know full well that the current economic situation does not warrant the borrowing of 500 billion baht off the budget.

“As a result, I believe the matter cannot go on because these MPs and minister know well that such a loan bill cannot be enacted,” Korn wrote.

“I believe Pheu Thai is looking for a graceful exit. Actually, the Pheu Thai could just say it respects the opinions and concerns of all sides and rush to the tackle economic crisis through other means,” Korn said.