2023-09-26 04:44:00
Phenomenon of the first 22 days of September Foreign investors have net sold more than 15 billion baht in the bond market, continuing from last month’s net sales of more than 36 billion baht, causing the baht to move to 36.32 baht per dollar. The weakest in the past 10 months.
Reflects the image of concern in the mind regarding Thailand’s fiscal stability. clearly Especially foreign investors Waiting for clarity from important policies Give away digital money or government digital wallet That will come into effect on 1 February 2024.
Most recently, Chulaphan Amornvivat, Deputy Minister of Finance It has been proposed to the Cabinet meeting for consideration today (Sept. 26) in relation to the establishment of the Digital Wallet Strategy Committee. which according to news reports It will consist of many agencies involved in every aspect. Since the work process Spending digital money inspection process Fraud prevention and inspection Evaluate performance Hoping to drive the project forward in time in the first quarter of 2024.
From the said issue In the corner of Krungsri Research pointed out risks to the fiscal situation that has intensified, stating that one of the urgent policies of the new government To support the growth of the Thai economy in 2024 through measures to stimulate consumption with a policy of distributing a digital wallet of 10,000 baht per person with a credit limit of up to 560 billion baht.
may cause concern creating a fiscal burden that tends to increase in deficits Affecting the fiscal stability that used to be a strength of the Thai economy. This may increase the risk of credit rating adjustments in the future.
The credit rating companies, both Fitch Ratings and Moody’s, warned that the new government’s economic stimulus policies This may cause Thailand’s public debt level to increase. and may weaken the fiscal position Therefore, it undermines confidence and is one of the reasons for capital outflow during this period.
Like the research department of HSBC Bank (HSBC Global Research) that has previously analyzed that from promises Giving away digital money worth 10,000 baht, increasing farmers’ income 3 times, and guaranteeing household income 20,000 baht/month, the fiscal deficit in fiscal year 2024 is expected to be at 4.4%, which will increase from spending on Giving away 10,000 baht of additional digital money
Go back to the previous Thai economic agencies have approved budget expenditures for the year 2024, consisting of:
Income 2,787,000 million baht, expenses 3,480,000 million baht, deficit 693,000 million baht
However, the increased amount comes from an estimated increase in income of 30,000 million baht, which will be used to pay interest on loans that will increase in line with the trend of higher interest rates.
While estimating that the deficit would increase by 100,000 million baht from what the previous government had made, it was stated that it was to support the implementation of important government policies. and to maintain the fiscal proportions in accordance with the fiscal discipline framework. The government confirmed that The budget deficit will not affect the country’s medium-term financial framework.
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