Thai prime minister announces digital cash awards to revitalize economy

ANKARA

Thailand's Prime Minister Srettha Thavisin announced on Friday a new initiative to launch digital cash awards for citizens starting next year.

According to the plan, around 50 million Thai residents aged 16 and older will be eligible to receive 10,000 Baht (approximately $278) each as part of a digital wallet program, Bangkok Post reported.

“I would like to emphasize that this (digital money handout) is not welfare to help the needy, but it is about injecting money into the economy through spending rights to enable people to be partners with the government in reviving the country’s economy while maintaining the state’s fiscal discipline in all aspects,” the daily quoted prime minister as saying.

The government plans to infuse 600 billion Baht (over $16.6 billion) into the economy with this scheme, which is awaiting parliamentary approval before its launch in May 2024.

Eligibility for the digital money handout is limited to those earning less than 70,000 Baht per month and with less than 500,000 Baht in bank deposits.

“I want all people who are entitled for it to spend it with pride. Everyone is a contributor to the economic growth and stability of our country,” Srettha said.

The prime minister, who assumed office in August, is focused on bolstering the Thai economy and aiding citizens amidst escalating living costs.

*Writing by Islamuddin Sajid