Thailand to Hold Special Parliament Session to Fast-Track Budget

(Bloomberg) -- Thailand’s parliament will convene a special session this month as Prime Minister Srettha Thavisin seeks to speed up approval of a budget bill to revive growth in Southeast Asia’s second-largest economy.

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The House of Representatives will meet from June 18, according to a Royal Gazette announcement, endorsed by King Maha Vajiralongkorn. The statement didn’t specify the reason for the session.

Lawmakers will likely hold a special meeting to discuss the budget, House Speaker Wan Muhamad Noor Matha said in April. The parliament, which went into recess in April, was originally scheduled to reconvene in July.

READ: Thailand Plans Special Parliament Session to Quicken 2025 Budget

Srettha is speeding up approval of the budget for the year starting Oct. 1 after months of delays approving $96 billion of expenditure for the current year hurt the economy. The government has said it will raise debt levels to just below the legal limit to help fund a spending spree to revitalize the economy.

Public debt is expected to hit 65.7% of gross domestic product this fiscal year and climb as high as 68.9% by 2027, according to the government. That would place the debt just below the ceiling of 70% of GDP.

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