House finally passes budget bill
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House finally passes budget bill

Disbursement of long-delayed fiscal 2024 funds expected to start in early April

The House of Representatives on Friday passed the 3.48-trillion-baht budget bill — more than five months after the 2024 fiscal year began.

The bill calls for a 9.3% rise in spending from fiscal 2023, with a budget deficit to 693 billion baht, down 0.3% from the previous year.

Its passage followed a three-day debate, with 298 lawmakers in favour and 166 against, with one abstention and one absent.

Pending Senate approval and royal endorsement next week, long-awaited disbursement of state investment funds is expected to begin in early April.

Rapid disbursement in the remaining months of the fiscal year is seen as crucial to efforts of the Pheu Thai government to boost the economy, which for years has lagged those of regional peers, amid high household debt and interest rates.

The budget was delayed from the original start date of Oct 1, 2023 due to prolonged political gridlock following the election in May last year. The current government was formed in August.

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