The government’s 3.788-trillion-baht, or around 115 billion US dollars, budget bill for the 2027 fiscal year sailed through its first reading in the House of Representatives on Wednesday after three days of deliberation.
493 MPs voted 288 in favour of the bill, 119 against with 86 abstentions.
Following the approval, a 72-member committee was set up to vet the bill, ahead of its second and third readings, comprising 21 from the ruling Bhumjaithai Party, followed by the Cabinet (18), the People’s Party (13), Pheu Thai (8), Kla Tham (6), Democrats (2) and one each from four smaller parties.
In his closing statement before voting, Finance Minister Ekniti Nitithanprapas said he is grateful for MPs’ comments during deliberations and that the bill aims to boost the country’s competitiveness and enable GDP growth of more than 3%.
GDP grew by 2.8% in the first quarter of this year, according to the Office of the National Economic and Social Development Council.
Ekniti also insisted that he is determined to solve the nation’s long-term budget deficit problems.
“I am not just a doctor explaining what diseases [Thailand] is suffering from. I am not a doctor good at talking, but I am determined to do a surgery [to cure] this long-term deficit budget disease. I am the one who said a sustainable fiscal plan is needed,” he said.
His remark came as opposition parties accuse the government of being unable to increase its income to cover its increasing spending, leaving the state needing to borrow almost every year, despite public debt now approaching the statutory ceiling of 70% of GDP.
Ekniti also said that collaboration from every side, including the private sector, is needed to foster economic growth.
The 2027 fiscal year budget bill is around eight billion baht higher than that of 2026.
