Thai Prime Minister Announces Enhanced Economic Support and Debt Relief Initiatives
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Bangkok, Dec 12 (NationPress) Thai Prime Minister Paetongtarn Shinawatra has committed to launching further economic stimulus and debt relief strategies on Thursday to bolster the struggling economy of the Southeast Asian nation amidst low consumer spending and elevated household debt.
The government plans to extend the second phase of its cash distribution initiative, ensuring approximately 4 million senior citizens receive 10,000 baht (around 295 US dollars) each by the end of January, as stated by Paetongtarn during a televised presentation regarding her administration's achievements within the initial three months of service.
In September, the authorities executed a cash stimulus package worth 145.5 billion baht (approximately 4.3 billion dollars), benefiting around 14.55 million disadvantaged individuals and those living with disabilities.
This program has significantly stimulated private spending and is anticipated to enhance the nation's economy, with growth projected to surpass 3 percent in the last quarter of 2024, according to the Prime Minister.
Nearly 36 million Thais have enrolled in the handout initiative, a fundamental electoral promise of Paetongtarn's governing Pheu Thai Party. A third phase of the program is anticipated to commence later in the upcoming year, as reported by the Xinhua news agency.
Paetongtarn emphasized that the government will prioritize debt relief initiatives to assist struggling small enterprises and retail borrowers, aiming to address the burgeoning household debt that has been a burden on the Thai economy.
The Finance Ministry has indicated that borrowers with loans for housing, vehicles, or small businesses can apply for a restructuring plan that includes a three-year interest moratorium, while individuals with smaller non-performing loans can negotiate reductions with their creditors.
Furthermore, Paetongtarn underscored her government's commitment to addressing significant structural matters, including water management, air pollution mitigation, combatting illegal drugs, reforming monopolies, regulating the informal economy, and advancing technological innovation.
"Our mission is to empower citizens, diminish centralized authority, and create a nation where everyone has the opportunity to thrive with dignity. Together, we will strive to make 2025 a year of advancement and optimism, laying the groundwork for a more promising decade ahead," she stated.
