Bangkok: During a recent House of Representatives meeting, Mr. Korn Chatikavanij, a list-based Member of Parliament from the Democrat Party, expressed his concerns regarding the Emergency Decree authorizing the Ministry of Finance to borrow 400 billion baht. The loan is intended to address the energy crisis and facilitate the country's energy transition by 2026. While the Constitutional Court ruled 7 to 2 that the decree did not violate the Constitution, Mr. Korn emphasized that members of the House must evaluate its appropriateness and cost-effectiveness.

According to Thai News Agency, Mr. Korn highlighted the Constitutional Court's ruling from August 7th, mentioning that six invited experts, including former Prime Minister Abhisit Vejjajiva and former Finance Minister Teerachai Poovanaban, opposed the decree. They argued that the current situation had not yet escalated to a crisis of economic stability and that the project lacked clarity and risked violating fiscal discipline under Section 62 of the Constitution.

Mr. Korn raised four critical questions to prompt reflection from the government and the House of Representatives. Firstly, he questioned whether the nation is truly facing a crisis, pointing out that past crises, such as the Tom Yum Kung crisis of 1997, had clear emergency necessities, unlike the current economic slowdown. He noted that borrowing through emergency decrees bypasses the rigorous scrutiny associated with annual budget expenditures.

Secondly, Mr. Korn asked if the decree addresses economic hardships. He highlighted Thailand's challenges, including low GDP growth, trade deficits, negative real income for citizens, and high commodity prices. He argued that borrowing for handouts or temporary subsidies cannot resolve these structural issues.

Thirdly, Mr. Korn questioned the urgency claimed under Section 172, pointing out that the project to install solar rooftops is practically impossible to complete before the Emergency Decree expires on September 30, 2027. The nationwide installation capacity is limited, requiring five years to meet the target, and borrowing money in advance is not permitted by law.

Lastly, Mr. Korn addressed concerns about fiscal discipline and public debt. He warned that public debt, currently at 67% of GDP, will exceed the 70% ceiling if borrowing continues, leaving no fiscal space for future investments as mandated by law.

Mr. Korn concluded by emphasizing that the role of Members of Parliament is to act in the best interests of the people, not merely approve measures that are not illegal. He stated that the emergency decree on borrowing money is not a solution to the country's economic problems and declared that he, along with members of the Democrat Party and opposition parties, cannot support its enactment.