Thailand approves $14 billion 'digital wallet' plan amid fiscal debate
The Thai government has been approved for a loan of 500 billion Thai baht (approximately US$14 billion) for its digital distribution plan. Deputy Minister of Finance Julapun Amornvivat confirmed that the State Council Office and advisory group believed that there were no legal obstacles to implementing this initiative using national budget funds. The plan is a key policy of the ruling party, the Phalang Pracharat Party, and involves distributing 10,000 Thai baht (approximately US$300) to each of the 50 million Thai citizens for local community consumption. Amornvivat said the government can continue to implement the plan in May and provide funding through loans. Jinse Finance previously reported that local reports stated that the Thai State Council had recommended against the government's plan to create a loan bill for the digital wallet plan.
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