BANGKOK, Jul 25 (NNN-TNA) – The Thai government is banking on a digital wallet handout scheme, will boost the country’s sluggish economy, due to low incomes and high household debts, a senior official said, yesterday.
The handout of 10,000 baht (278 U.S. dollars) per head, to 50 million eligible Thai citizens, through a digital wallet, is a crucial short-term stimulus measure, aiming to revive purchasing power and boost overall confidence in the economy, alongside the government’s efforts to tackle underlying structural issues, Finance Minister, Pichai Chunhavajira, told a news briefing.
The ruling Pheu Thai Party’s flagship policy, is expected to cost about 450 billion baht (12.5 billion dollars), down from 500 billion baht (13.9 billion dollars) planned earlier, as officials project a take-up rate of the handout at less than 90 percent.
The scheme, originally scheduled to be launched early this year, has been delayed due to financing challenges.
The Finance Ministry said, the handout registration will begin next month, with the expenditure planned for the fourth quarter of 2024. Beneficiaries are required to spend digital wallet credits in their neighbourhood, within a six-month period.– NNN-TNA
