Thailand’s $110 Billion Annual Budget Gets Senate Approval
(Bloomberg) -- Thailand’s annual budget cleared the final hurdle with the Senate approving the 3.75 trillion baht ($110 billion) spending plan that paves the way for new Prime Minister Paetongtarn Shinawatra to roll out fiscal stimulus to jumpstart the nation’s economy.
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The budget bill, which proposes a 4.2% increase in state spending from Oct. 1, was backed by 174 senators in the 200-member Senate on Monday. The lower house passed the bill last week, and it now requires a royal endorsement.
The budget outlay — equivalent to about a fifth of the nation’s $500 billion economy - will be a key tool for Paetongtarn to tackle multiple economic challenges ranging from near-record household debt to an aging society. Paetongtarn, 38, is due to announce her government’s policy priorities in parliament on Sept. 12.
Read: New Thai PM Set to Fix $474 Billion Household Debt as Priority
Paetongtarn, the youngest daughter of influential former leader Thaksin Shinawatra, was elected by parliament last month after her predecessor Srettha Thavisin was dismissed by a court over an ethical violation. Her coalition government will expedite a debt restructuring to tackle chronic debt burden facing households and small businesses and accelerate economic stimulus measures, according to a draft of the policy statement.
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