Thailand’s Finance Ministry considers launch of new co-payment scheme phase
The Finance Ministry is now working on a possible launch of a 5th phase of the 50:50 co-payment scheme, aimed at easingthe financial burden of the rising cost of living.
Finance Permanent Secretary Krisada Chinavicharana said yesterday (Thursday) that they are awaiting a report onrevenue collection in April and are also assessing the impacts of the scheme on the fiscal position if it is launched.
Of the 500 billion baht loan, secured under the Loan Executive Decree, 70 billion baht remains, but he said that he is afraid that may not be enough and that a new loan may be needed.
Nevertheless, he said the Finance Ministry will get a clearer picture of the country’s fiscal position after it receives the revenue collection details for April, expected this week.
The amount of money to be given to subscribers to the scheme is yet to be discussed by Finance Ministry, but the Thai Chamber of Commerce has proposed that it should be between 1,200-1,500 baht per head for a three-month period.
The 1st phase of the co-payment scheme lasted from July 23rd,2020 until the end of December. About six million people subscribed to the scheme. The number of subscribers soared to about 28 million during the 4th phase, which was rolled out in February and ended at the end of last month. Each was given 1,200 baht to be spent for on three months.
The populist scheme has been welcome by both consumers and vendors who joined the scheme, as it helped boost consumer purchasing power, albeit only slightly, and helps to boost the slow economic recovery.