Much to discuss: Paetongtarn speaking during a press conference after a special Cabinet meeting in Bangkok. — Reuters
Newly-appointed Prime Minister Paetongtarn Shinawatra vowed to push ahead with a controversial US$14bil (RM60.6bil) cash stimulus plan as her Cabinet finalised a blueprint to free South-East Asia’s second-largest economy from a prolonged period of low growth and chronic household debt.
Paetongtarn, who was sworn in to office along with her 35-member Cabinet on Friday, will present her government’s policy statement to parliament next week. It is expected to spell out details of the long-delayed cash handout and her administration’s agenda to promote tourism and foreign investment.
The government will ensure that the so-called digital wallet programme that promises 10,000 baht (RM1,287) each to about 50 million adult Thais adheres to law, Paetongtarn told reporters after a meeting of the Cabinet.
About 14.5 million people, including one million with disabilities, may be covered in the first phase of the programme this month after the new leader ordered a review of the plan, according to officials.
The 38-year-old Paetongtarn is Thailand’s youngest leader and was picked by the parliament last month to head a coalition government led by her Pheu Thai party and backed by a clutch of conservative groups.
Her elevation came after her predecessor Srettha Thavisin was dismissed by a court over an ethical violation.
Paetongtarn yesterday urged her Cabinet to continue some of the policies pursued by Thavisin’s administration to stimulate the economy, boost tourism, lift prices of farm goods and tackle the seasonal menace of floods.
South-East Asia’s second-largest economy is forecast to expand 2.5% this year, below the 5% to 6% pace seen in neighbouring Indonesia, Malaysia and the Philippines.
Thai economy expanded an average 1.9% in the past decade under a military-backed government, and is now stifled by burgeoning public and household debt, sluggish exports and a high cost of living.
Paetongtarn, a daughter of former prime minister Thaksin Shinawatra, may also make her government’s stance clear on how to regulate the nascent cannabis industry that’s seen several policy u-turns when she unveils the policy statement. — Bloomberg
