By Panarat Thepgumpanat
BANGKOK (Reuters) -Thailand’s incoming government aims to present a key policy statement to parliament before September 30, so that it can use funds from its current budget to stimulate the economy, an official with the ruling party told Reuters on Tuesday.
Siripong Angkasakulkiat, a deputy leader of the ruling Bhumjaithai Party, said the aim is to deploy 50 billion to 60 billion baht ($1.57 billion-$1.89 billion) from this year’s budget.
The final date for the policy statement to parliament, which marks the formal start of any new Thai administration, has not been set, but the government wants it to take place between September 29 and 30, he said.
“If the policy announcement happens on time, this money can be directed into the economy for various projects,” he said.
If the policy statement takes place after September 30, the end of the current fiscal year, the funds will revert back to the treasury, he said.
The government is planning to turn around the economy and drive a short-term recovery, with Southeast Asia’s second-largest economy grappling with U.S. tariffs, high household debt and a surging baht.
The stimulus measures under discussion include expanding a co-payment scheme to boost domestic consumption, as well as programmes to promote upskilling and reskilling, Siripong said.
The policy statement will also include plans to stabilise the currency, address issues related to public confidence and also tackle debt problems, he said.
Policies aimed at enhancing liquidity and fostering a green economy are also being considered, said.
Electricity and water prices are set to remain unchanged until the end of the year, with potential adjustments under review, Siripong said.
The economy is projected to expand by 1.8% to 2.3% this year, according to the state planning agency. Last year’s growth rate of 2.5% lagged its regional peers.
($1 = 31.83 baht)
(Reporting by Panarat Thepgumpanat, Writing by Devjyot Ghoshal and Orathai Sriring, Editing by David Stanway)
