The 157-billion-baht economic stimulus budget is expected to be concluded by the end of this month, says finance permanent secretary Lavaron Sangsnit.
According to Mr Lavaron, after the cabinet approved on Tuesday a review of the stimulus budget, originally intended for the digital wallet project and then redirected for urgent projects, the Budget Bureau on Wednesday invited relevant agencies, including the Finance, Transport, Agriculture and Cooperatives, and Commerce ministries, to discuss potential projects to be funded under this budget.
A conclusion is expected by the end of May, he said.
As this is an urgent stimulus initiative, discussions need to be expedited to finalise investment project details as quickly as possible, said Mr Lavaron.
The goal is to initiate investment within 4-5 months to maximise the economic impact this year. All investment projects must be contractually committed by the end of September, he said.
Mr Lavaron said all related agencies must now work against the clock to roll out short-term investment projects that can be disbursed and implemented this year to the greatest extent possible.
The Comptroller-General's Department plans to relax disbursement regulations to allow for greater flexibility.
Meanwhile, the Finance Ministry established a committee to accelerate, monitor and audit disbursement processes to ensure the funds effectively enter the economy.
On Tuesday, the cabinet approved the Economic Stimulus Committee's proposal to revise the use of the 157-billion-baht budget, originally allocated for the digital wallet project.
The prime minister said the spending needed to be reprioritised due to the impact of reciprocal tariff measures. The revised spending focuses on short-term investment in five areas, including investment in water infrastructure and water for consumption, agriculture, and flood prevention; and transport projects to address traffic bottlenecks.
The other projects comprise: improvements to tourist attractions; measures to mitigate the impact on exports from US tariffs, such as supporting small businesses in leveraging technology; and community economic development through the government's SML (Small, Medium, and Large) projects.
Finance Minister Pichai Chunhavajira said the digital wallet handout must be postponed until the situation becomes more favourable.
He said the Thai economy faces external constraints affecting its growth.
While growth was previously projected at 3-3.5%, the National Economic and Social Development Council now projects growth of only 1.8%. The government must adjust its spending plans accordingly, said Mr Pichai.