Cabinet to endorse Bt3.2 trillion budget for 2020
Thailand’s Cabinet is set to endorse the proposed budget for fiscal year 2020 next week. The proposed budget is expected to call for expenditure of Bt3.2 trillion with a budget deficit of Bt450 billion.
The Cabinet is scheduled to examine the proposed budget on August 6th before the first reading of the draft budget bill in parliament in October 2019, officials said.
Mr. Wissanu Krea-ngam, Deputy Prime Minister, said Wednesday that the 2020 budget is expected to take effect in January next year, if the process goes as planned.
Although the 2020 fiscal year begins in October 2019 and the budget for fiscal 2020 is behind schedule due to the change of government, the budget can be retroactive to October 2019, said Mr. Wissanu.
He said that the budget bureau will finalize the figures with other agencies, including the Bank of Thailand, the Finance Ministry and the Office of National Economic and Social Development Council, before sending the final figures for the Cabinet’s consideration next week.
The Bt3.2. trillion budget represents an increase of Bt200 billion from fiscal 2019, ending September this year. The new government will likely need higher spending to fulfill election promises, such as a number of welfare benefits and farm assistance programs.
According to the government’s policy statement, the sources of budget revenue will come from taxes, infrastructure development, together with public and private partnership projects and a reduction of unnecessary government spending.