Thailand to Fund $14 Billion Cash Handout Through Budget
- Government to give 10,000 baht each to 50 million adult Thais
- PM Srettha pushing digital cash handout to stimulate economy
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Thailand will fund a $14 billion cash handout program to stimulate the economy through a combination of state budget and assistance from a state bank, shelving an earlier plan to resort to a one-time borrowing.
The financing details of the so-called digital wallet program — which will see 50 million adult Thais each getting 10,000 baht ($275) — were approved by a panel headed by Prime Minister Srettha Thavisin in Bangkok on Wednesday. The cash stimulus, equivalent to about 2.9% of gross domestic product, is set to be implemented in the fourth quarter.