The government is considering funding options for its digital wallet handout scheme as details of the funding source are expected to be finalised next month.
Lawaron Saengsanit, permanent secretary for the Finance Ministry, said a meeting of the digital wallet policy committee on Wednesday instructed the ministry and the Budget Bureau to consider possible funding sources for the scheme. The meeting was chaired by Prime Minister Srettha Thavisin.
Mr Lawaron said there are three possible funding sources: a borrowing bill, the national budget, and using a combination of loans and the budget.
The government is preparing the national budget for the 2025 fiscal year and it may adjust the 2025 budget to finance the scheme as the government has to implement the scheme to stimulate the economy.
But using the national budget is another possible option, he said, adding the Finance Ministry may also discuss with the Budget Bureau the possibility of using the 2024 budget to fund the scheme.
Details of the funding source are expected to be finalised at the next meeting on April 10, Mr Lawaron said
"The details should be made clearer on April 10. The prime minister also wants the project's details to go before the cabinet by the end of next month," Mr Lawaron said.
Mr Srettha, also the finance minister, said on Wednesday the economy is in trouble and in need of stimulus.
"Growth has been low for a long time. Stimulus measures are necessary to boost the economy," the prime minister said.
He said the digital wallet scheme is a short-term measure to inject cash into the system to improve people's livelihoods and it should be implemented as quickly as possible.
"The government will implement the scheme in line with the law and the constitution for the sake of the people while financial disciplines will also be maintained," the prime minister said.
Deputy Finance Minister Julapun Amornvivat earlier said the government will launch its flagship digital wallet handout scheme in the last quarter of the year, with the timeline of the scheme expected to become clearer after the digital wallet policy committee meets on April 10.
The 500-billion-baht scheme is tentatively scheduled to be launched in May, but a delay is widely anticipated as the legality of the scheme has been called into question.
The National Anti-Corruption Commission (NACC) has also warned the government about a range of potential pitfalls tied to the scheme, from graft to legal risks.
The digital cash handout scheme is the flagship policy of the Pheu Thai-led government, which is meant to stimulate the economy.
Thais aged 16 and older who earn less than 70,000 baht a month and have less than 500,000 baht in their bank accounts stand to receive a 10,000-baht handout under the scheme. An estimated 50 million people will be eligible for the handout.
