2024 budget ‘could take effect in early April’

2024 budget ‘could take effect in early April’

Expedited disbursement to finally begin after six-month delay

(Photo: Tawatchai Kemgumnerd)
(Photo: Tawatchai Kemgumnerd)

The 2024 fiscal budget could be disbursed starting as soon as early April, a government spokesperson said on Tuesday.

The 3.48-trillion-baht budget was supposed to take effect on Oct 1 last year but the lengthy delay in forming a government after the May elections delayed the process.

The budget act could be passed into law as early as April 3, Karom Phonphonklang told a press briefing, adding that this would allow for the budget to be spent faster.

The government has touted higher spending in this year’s budget, saying it is needed to revive the economy, which unexpectedly shrank in the final quarter of 2023 from the third as government spending declined.

The budget plan will go to the House for the second and third readings on March 20 and 21, before seeking approval from the Senate and royal endorsement, Mr Karom said.

The Ministry of Finance has devised measures to expedite the disbursement of the fiscal 2024 budget, requiring contracts for new investment projects be signed by July, Deputy Finance Minister Krisada Chinavicharana said this week.

Once the fiscal 2024 budget is approved, the Comptroller-General’s Department will deliver the allocated budget to provincial finance offices nationwide within five days to fund their planned spending.

Contracts for planned investment projects must be signed by June while contracts for new investment projects must be signed by July.

The state investment budget for fiscal 2024 is 200 billion baht, with a 95% disbursement target. In this case, contracts must be signed by March.

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