Saturday, July 20, 2024

Committee Suspends Digital Wallet Budget for Further Review

The special committee has temporarily suspended a 152.7 billion baht budget for the digital wallet stipend program for 2025 fiscal year due to concerns over financial discipline violations.

Budget for Digital Wallet Stipend Program Temporarily Suspended

The special committee overseeing the draft annual budget expenditure act for the 2025 fiscal year has decided to temporarily halt the budget for the digital wallet stipend program, totaling 152.7 billion baht. Thakorn Tantasith, a party-list MP of the Thai Sang Thai Party, disclosed that the Ministry of Finance has been instructed to furnish additional documents for a more comprehensive evaluation.

Concerns Raised Over Fiscal Risks and Borrowing

Thakorn previously raised concerns during a debate on the draft budget, emphasizing three main risks: potential revenue shortfall, undisclosed budget allocations for economic stimulus, and the inclusion of the 152.7-billion-baht digital wallet budget. With an additional borrowing of 112 billion baht for the 2024 supplementary budget, the total borrowing could surpass 264 billion baht, sparking worries about possible violations of the 2018 state fiscal and financial discipline act.

Implications of Borrowing Exceeding Budget Constraints

The substantial borrowing and budget concerns have led to fears of breaching fiscal regulations. According to the 2018 state fiscal and financial discipline act, borrowing is permitted only in cases of urgent and continuous crises. As the total borrowing edges closer to exceeding budgetary limits, a careful reassessment of financial strategies and expenditures is warranted to ensure fiscal prudence and compliance with legal frameworks. [Source: https://thainews.prd.go.th/nbtworld/news/view/379958/?bid=1]

Source : Committee Suspends Digital Wallet Budget for Further Review

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