Bangkok: "Pharadon" reveals that the idea of ??issuing an emergency decree to borrow 500 billion baht is still in the discussion stage and has not yet been submitted for Cabinet consideration.
According to Thai News Agency, Mr. Paradorn Prisnanantakul, Minister attached to the Prime Minister's Office, commented on the issuance of an emergency decree for borrowing that would require expanding the debt ceiling by 500 billion baht, stating that expanding the public debt ceiling is still a long way off. The emergency decree for borrowing is still in the discussion phase, and the necessity of issuing it is being assessed. While this process is feasible, the government has not yet discussed the overall picture.
When asked if the matter had not yet been brought before the Cabinet, Mr. Paradorn confirmed that it had not. He stated that there would be no Cabinet meeting on Tuesday, as Deputy Prime Minister and Minister of Finance, Mr. Ekniti Nitithanprapha, was abroad and only returned today. Therefore, there has been no economic Cabinet meeting on this matter.
When asked if the Economic Cabinet would meet every Monday starting next week, Mr. Paradorn revealed that yes, the Prime Minister is trying to hold the Economic Cabinet meetings first. Discussions within the Cabinet would take too long, so they have to be held in the Economic Cabinet. However, there is no official order yet. Regarding the approach, Mr. Paradorn said that he personally thinks the practice has been in place since the Anutin 1 government, and any discussions must first be brought before the Economic Cabinet for clarity.
Regarding the progress of the Budget Transfer Act, Mr. Paradorn stated that the Act has considerable details and cannot be passed immediately. It must first be approved by the Cabinet for the 2027 budget. It has not yet been submitted to Parliament. He expects it to be passed around June, because the Constitution stipulates that repayment of outstanding treasury funds must be done at the earliest opportunity when the budget is prepared, whether it's the regular budget, the mid-year budget, or the Budget Transfer Act. The first task of all three is to repay the outstanding treasury funds, which currently amounts to 70 billion baht, incurred in 2024-2025.
Regarding whether the 2027 budget must be fully allocated before a budget transfer act can be passed, Mr. Paradorn revealed that, in the first instance of drafting a budget act, the funds must be used from the national treasury. If a budget transfer act is passed now, the entire 70 billion baht transferred will have to be used to pay off debts first. Whether it will be used in full or in part is a legal issue currently under consideration. He believes that if the budget transfer is actually completed, it will not amount to 70 billion baht. Therefore, the goal of the budget transfer - to support the Thai people through the "Thai Helps Thai" program - cannot be achieved because the funds must be used from the national treasury.
When asked whether a portion of the 2027 budget would need to be returned to the treasury before the Budget Transfer Act could be passed for use in the mission, Mr. Paradorn stated that yes, and therefore it is necessary to wait for the 2027 Budget Act to be submitted to the Cabinet meeting, which according to the calendar will be in June.
Regarding the "Thai Helps Thai" project, will it have to wait for the next step in July? Mr. Paradorn revealed that there is still approximately 20 billion baht in the central budget, which can be used to implement this policy in the first phase. He believes that the first phase can cover a considerable amount, expecting to reach more than 10 million people. However, there is only a one-month gap; if it were to be implemented, it would have to be in May. New funds will then be available in June. It all depends on the management of the budget. It is still feasible.