(CTN News) – Another obstacle passed in the digital wallet plan as the Additional Budget Expenditure Act passes first reading.
After a 10-hour debate on Wednesday, the House of Representatives voted 297 to 164 to accept the Additional Budget Expenditure Act principle for fiscal year 2024, which includes 122 billion baht for the government’s digital wallet system.
In the first reading, 297 of the 461 lawmakers in attendance voted in favor of the bill, while 164 opposed it. There were no abstentions.
The lower house then formed a 32-member committee to consider the act over two days before returning it to Parliament for a second and final reading on July 31.
Before the vote, Prime Minister Srettha Thavisin stated that the additional 122 billion baht will fund a 10,000-baht digital handout initiative to improve people’s lives and generate job possibilities.
He claimed the government couldn’t wait until the fiscal 2025 budget bill to allocate the funds.
Srettha stated that 10 billion baht of the additional cash will come from taxes and other government sources, with the remaining 112 billion baht coming from borrowing.
digital wallet plan will cost 122 billion baht
Srettha informed the House that the 122 billion baht for the digital wallet plan will flow into the private sector, purchasing products and services and allowing the money to circulate throughout the economy.
The additional monies would be added to the 3.48 trillion baht national budget approved for fiscal 2024, bringing the total budget to 3.602 trillion baht.
With the higher budget, the government plans to invest 800 billion baht, or 22.4% of the overall budget, according to Srettha.
Under the digital wallet initiative, all Thais over 16 with a monthly salary of less than 70,000 baht and bank savings of less than 500,000 baht will receive 10,000 baht in a digital wallet to spend at local companies.
Source: Bangkok Post
