Former central bank governors and economic experts in Thailand are urging the government to cancel its $15 billion cash handout program due to concerns of inflation and fiscal discipline. Critics argue the money would be better spent on public expenditure and investment.
Former Central Bank Chiefs and Experts Oppose Thailand’s $15 Billion Cash Handout Program
Thailand’s former central bank governors and economic experts are urging the government to abandon its $15 billion cash handout program, known as the “digital wallet” program. They argue that the program, which would give most Thais a one-time payment of 10,000 baht ($270), could lead to inflation and harm long-term fiscal discipline. Current central bank chief Sethaput Suthiwartnarueput has also expressed concerns about the spending.
Critics Advocate for Direct Public Expenditure and Investment Instead
Opponents of the program, including Sethaput, argue that the money would be better spent on direct public expenditure and investment. They suggest narrowing down the beneficiaries and limiting the handout to those in need. However, Prime Minister Srettha Thavisin’s Pheu Thai Party, which proposed the program, believes it is “impossible” to limit recipients to specific groups.
Government Defends the Program, Citing Financial Struggles and Economic Stimulus
The Thai government defends the plan, stating that it is necessary to help people who are struggling financially. It also argues that the program will boost consumer spending and stimulate the economy. However, 99 economists and economics professors oppose the policy, stating that it is not worth the estimated cost of up to 560 billion baht.
Source : Thailand’s digital cash Handouts plan spark concern
