Monday's appointment of Arkhom Termpittayapaisith, the former transport minister, as the new finance minister has received blanket praise from business and academic circles, lauding the appointment as bringing much needed stability with the recent chaos surrounding the ministry.
Mr Arkhom is expected to bring his extensive private and public sector experience to the ministry at a crucial time when managing the billions of baht in stimulus money has become a top government priority, and the sudden resignation of his predecessor stymied the roll-out of much-needed aid money.
Man for the job
Chongrak Rattanapian, senior executive vice-president of Kasikornbank, said the official appointment of the new finance minister would complete the government's economic team and help continue to drive economic policies.
With a full economic team and government readiness, the addition will build public and investor confidence.
Mr Chongrak said helping both people and businesses impacted by the coronavirus should be a top priority for the Finance Ministry and the government at large. The government should speed up its infrastructure investment plan and boost economic growth for the longer term.
Ghanyapad Tantipipatpong, chairwoman of the Thai National Shippers' Council, said Mr Arkhom is a knowledgeable and competent person and he should be welcomed by the market.
"Given his background on the economy as the state planning agency chief and his work on infrastructure investments during the military government, the new finance minister is acceptable," she said.
"The most important agenda items for the private sector are to speed up is improving liquidity for the business sector and to come up with more measures to retain employment."
She called on the new minister to introduce measures to lower production costs for businesses; tackle laws and regulations to streamline business operations; and allow the private sector to settle services and raw materials contracts in US dollars instead of baht.
Kalin Sarasin, chairman of the Thai Chamber of Commerce, proposed the new finance minister help endorse an extension of additional financial assistance for employees who are left unemployed because of force majeur.
Under the Social Security Fund, employees who are left unemployed because of force majeur, such as in the case of an outbreak, will be allowed to claim 62% of their daily wages, up to 15,000 baht a month, while employers cannot close for more than 90 days.
"This is a very good scheme, but the government needs to consider a larger budget to support it," he said.
Mr Kalin said the government should also evaluate existing plans that have been declared and implemented.
"What we want most is evaluation of how far existing plans have been developed," he said.
"Any plans or projects that have not produced a satisfactory outcome have to be scrapped."
Mr Kalin called on the government to help evaluate the worst-case scenario should there be a second wave of the outbreak.
Public meets private
Paiboon Nalinthrangkurn, chairman of the Federation of Thai Capital Market Organizations, said the incoming minister is suitable for the task because he has worked at the National Economic and Social Development Council (NESDC).
Mr Paiboon said Mr Arkhom can understand the workings of the public sector, a necessary quality for the job at hand.
Mr Arkhom has also worked in the private sector and was a minister for the previous government.
His primary tasks are speeding up financial stimulus measures for the economy to boost employment and consumer spending across the country, as well as accelerating disbursement of the remaining 300 billion baht in stimulus funds, said Mr Paiboon.
Experienced and resilient
Independent academic Somjai Phagaphasvivat believes the appointment of Mr Arkhom is appropriate.
"The current circumstances cannot be managed by some professional from the private sector as it takes time to learn and handle ministerial tasks," said Mr Somjai.
With a track record of working at the NESDC and as a former deputy minister and minister of transport, Mr Arkhom is equipped with the knowledge and ability to carry on the Finance Ministry's work without having to familiarise himself with ministerial policies, he said.
Mr Arkhom should also be able to endure political pressure, given his work experience with several political camps, said Mr Somjai.
The fiscal policy framework has been driven by Deputy Prime Minister Supattanapong Punmeechaow and Mr Arkhom's appointment signals continuity of the planned policies.
"The main tasks for the new finance minister under this economic condition are how to develop new innovations to offset the impact of the crisis and enhance Thailand's competitiveness going forward," said Mr Somjai.
Editorial: Give Arkhom a free hand