Bangkok: Prime Minister Anutin Charnvirakul chaired a crucial meeting aimed at reviewing the 2027 budget, highlighting the necessity to cut unnecessary expenses and maintain fiscal discipline amidst economic volatility. Today, Prime Minister Anutin Charnvirakul led discussions on budget allocation for the 2027 fiscal year with representatives from the Ministry of Finance, the Budget Bureau, the National Economic and Social Development Council (NESDC), and the Bank of Thailand.
According to Thai News Agency, Ms. Ratchada Thanadirek, spokesperson for the Prime Minister's Office, disclosed that the meeting complied with Section 24 of the Budget Procedures Act B.E. 2018. This section is designed to determine the annual budget policy, revenue estimates, expenditure budget limits, methods to compensate for budget deficits, and establish a framework for fiscal planning at least three years ahead.
The review aimed to enable the government to implement key policies amidst global uncertainties, particularly the ongoing Middle East conflict impacting energy security and the global economy. The public sector is tasked with improving efficiency amid limited resources, necessitating significant budget constraints. The goal is to maintain fiscal discipline, ensure economic stability, and strengthen fiscal policy by cutting budget items inconsistent with current global conditions, while demonstrating a comprehensive approach to maximize benefits.
The meeting resolved to maintain the 2027 fiscal year budget at 3,788,000 million baht, an increase of 7,400 million baht or 0.2 percent from the previous year. Net government revenue is projected at 3,000,000 million baht, a 2.7 percent increase from the previous year. Borrowing to compensate for the deficit is estimated to decrease by 8.4 percent. This plan aligns with the medium-term fiscal plan approved by the Cabinet and adheres to the government's fiscal discipline framework.
The allocated budget aims to facilitate the implementation of key policies amidst global uncertainties affecting energy security and the economy. Agencies are instructed to prioritize off-budget funds and explore alternative funding for public investment, such as loans, public-private partnerships, and the Thailand Future Fund, to reduce the national budget burden.
The Budget Bureau is scheduled to present the 2027 budget allocation to the Cabinet for approval on April 28, 2026. The Prime Minister stressed that the budget must be targeted, accurate, and adhere to cost-effectiveness principles. Requests for additional budget must focus on capital expenditures and adhere to a 20% cap of the previous year's budget.