BANGKOK (NNT) – Thai Prime Minister Prayut Chan-o-cha wants to see state agencies inject funding into the economy as quickly as possible for the new fiscal year starting in October.
Deputy government spokeswoman Traisuree Traisoranakul said the prime minister has ordered state agencies to accelerate their budgetary spending in the fortnight of the current fiscal year, to help boost the economy. State agencies have large budgets drawn from general spending, the central fund and the budget generated by the one-trillion-baht COVID-19 relief and reconstruction loan.
According to Ms. Traisuree, Gen Prayut told the Cabinet meeting last week that state agencies play an active role in disbursing funds to stimulate the economy. In light of the COVID-19 pandemic, the state budget is an important driver for the economy.
By the end of last month 269 projects, worth 996 billion baht, or 99% of the loan, had been approved. However, the actual disbursement of funds to implement the projects stood at 841 billion baht. Most of the money, 684 billion baht, went to financing 20 projects aimed at providing compensation for losses or reduction of personal incomes caused by the pandemic and to help other groups, such as farmers.