“Phao Bhum” explains the necessity to move forward with digital wallet, agrees to borrow money to plug the leaks

Parliament, "Phao Bhum" explains the necessity to move forward with the digital wallet, comparing the country to a house with a leaky roof, having to borrow money to plug the leak, in order to stimulate the economy and create money circulation at the community level, confirming that public debt is at a low level, no need to worry. Mr. Paopum Rojanasakul, Deputy Minister of Finance, explained to the opposition that the digital wallet project is in a state of problem and something must be done. Investment figures and the global economic situation are still volatile. As a government, it is necessary to stimulate the economy. He compared Thailand to a house with a leaky roof. When it rains, it enters the house. Therefore, our way of thinking is that when our house leaks, we may have to have a budget deficit and borrow money to plug the leak so that water does not enter the house. We also use the time to go out to work and earn money. Mr. Pao Bhumi said that the opposition party stated that borrowing at the cei ling and having a record-high deficit left no fiscal space to take care of the people, which in this matter we have to look at the public debt that is the burden of the government, which Thailand's public debt is only 54.3%, when compared to foreign countries and the fiscal situation, this public debt is not a concern and is even at a low level, it is not a problem at all. While citing the figure that spending 500 billion baht and getting 350 billion baht in return is an academic error and cannot be compared, because the figure of 500 billion baht is a figure in the nominal term, which is comparing to the entire GDP, but the figure of 350 billion baht is in the real term, which is the dimension of economic growth. Therefore, it is an academic error to compare the nominal term with the real term and say that it is an investment that is not worthwhile. Mr. Pao Bhumi said that thinking about the value of digital wallets does not only look at economic growth, but also the digital infrastructure and people's dat a that will enter the system and can identify people. The government measures from now on will be able to help directly to the people. These enormous benefits must be included in the evaluation of the value of the project, not just looking at the numbers. Mr. Pao Bhumi explained why the usage radius must be set to be within the district if you don't want it to flow into Bangkok and big cities. You want it to circulate in secondary cities, markets and communities. As for the condition that it must be cut off from buying mobile phones and electrical appliances because you don't want money to flow out of the country but you want it to circulate in the community, causing usage and production. He confirmed that all the conditions that have been set will make the money go into the community as much as possible. As for those who think that the government has no other economic stimulus measures besides waiting for the digital wallet, economic stimulus measures to inject money into the system can be done in both dim ensions of injecting real money and injecting money in the form of loans, which both have similar economic effects, in the form of money and investment. That is why the Ministry of Finance has included quite a few measures in the dimension of loans while waiting for the digital wallet. 'The perspectives of each side do not indicate who is right or wrong, but there may be different perspectives. They are just different perspectives. As the government, we have a duty to listen, adjust, and fix it as best as possible. But at the same time, we have a duty to explain so that we can see the perspectives, thinking methods, and visions of the government,' said Mr. Pao Bhum. Source: Thai News Agency