Thailand’s 500 billion baht ($13.53 billion) handout scheme is being implemented to stimulate the economy, according to a finance ministry official. The scheme is not specifically designed to help vulnerable groups, but rather to boost overall economic growth and activity.
Paopoom Rojanasakul, the secretary to the finance minister, clarified this point in response to a reporter’s question about a news report suggesting that the central bank had raised concerns about the handout plan. The central bank had reportedly sent a letter to the cabinet asking for a reconsideration of the plan.
During a press conference earlier in the day, the central bank mentioned that while it supported stimulus measures, it preferred a targeted approach. It emphasized the importance of ensuring that the funds are directed towards initiatives that will have the most impact on economic recovery.
The exchange rate at the time of the report was $1 = 36.9500 baht. The finance ministry and central bank are working together to address the economic challenges facing Thailand and ensure that the stimulus measures are effective in driving economic growth.