BANGKOK , Sept 19 — Thailand’s parliament on Friday passed a US$105.7 billion (RM434.9) budget bill for the 2021 fiscal year starting in October, aimed at reviving an economy battered by the global impact of the coronavirus pandemic.
The budget planners have assumed Southeast Asia’s second-largest economy will shrink 5.0 per cent-6.0 per cent this year before growing 4.0-5.0 per cent in 2021. The finance ministry predicts a record economic contraction of 8.5 per cent this year.
After a three-day debate, the bill’s final reading passed with 269 votes in favour, 60 against and 121 abstentions.
“The government will use the budget to drive the economy and urgent policies for the country’s sustainable growth,” Prime Minister Prayuth Chan-ocha told the House of Representatives.
The proposed budget foresees revised spending of 3.29 trillion baht (US$105.7 billion) for the fiscal year starting on Oct 1, up 2.8 per cent from the current fiscal year. It projects a deficit of 623 billion baht (RM82.45 billion), up 32.8 per cent.
The bill will also need senate approval, expected on Sept. 22, and then the king’s endorsement.
Earlier this week, the government said the 2021 budget could be delayed by a month but that should not affect spending plans.
— Reuters
