2569 Budget Plan to Stabilize Economy During Political Vacuum

Thansettakij•Economy•251d ago

Reader Briefing

Thailand's Office of the Budget proposes measures to manage the 2569 budget and stabilize the economy during a political transition.

•The 2569 budget management is stalled due to the dissolution of parliament, requiring interim measures to maintain economic growth.
•The Office of the Budget, led by Anan Kanthawong, has submitted recommendations to the Cabinet.
•Key proposals include accelerating debt commitments and disbursements for 2568, developing new markets to reduce US trade reliance, and supporting SMEs.
•Measures also address agricultural risks from climate change and emphasize efficient budget utilization to prevent funds from lapsing.

Overview

•The management of the 2569 fiscal year expenditure budget is currently facing significant delays due to the government's dissolution of parliament.
•This political vacuum necessitates finding interim mechanisms to manage the budget and sustain economic growth near targeted levels.
•The Office of the Budget, led by Director Anan Kanthawong, has presented recommendations to the Cabinet for consideration on current budget management.
•Recommendations include urging budget recipient units to expedite pending debt commitments and disbursements for the 2568 fiscal year.
•The Office of the Budget also suggests developing new markets to diversify risk away from over-reliance on exports to the United States.
•Proposals also aim to support Thai businesses, particularly SMEs facing liquidity issues and trade barriers impacts, by providing financial and technological assistance.
•Measures are proposed to mitigate agricultural sector risks, such as flood impacts and climate variability, to ensure farmer incomes.
•The Office of the Budget emphasizes the need for budget recipient units to meticulously plan and prepare for potential impacts on operations and spending to ensure efficient expenditure and prevent budget lapsing at year-end.

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Key Entities

Organization

Office of the Budget(สำนักงบประมาณ)ℹ️

The agency responsible for proposing recommendations on Thailand's national budget management for fiscal year 2569.

Cabinet (Con. of M.)(คณะรัฐมนตรี (ครม.))ℹ️

The governing body of the Thai government that receives and considers recommendations from the Office of the Budget concerning national budget management.

SMEs(เอสเอ็มอี (SMEs))ℹ️

Small and Medium-sized Enterprises that are facing liquidity issues and impacts from trade barriers, and are targeted for support measures.

Person

Anan Kanthawong(นายอนันต์ แก้วกำเนิด)

Director of the Office of the Budget, who presented recommendations for managing the 2569 fiscal year budget.

Timeline

2569 B.E.(พ.ศ. 2569)

The fiscal year for which the budget management plan is being developed and implemented.

2568 B.E.(พ.ศ. 2568)

The fiscal year for which pending debt commitments and disbursements need to be expedited.

Law

Act on Public Procurement and Hired Goods Management B.E. 2560(พระราชบัญญัติการจัดซื้อจัดจ้าง และการบริหารพัสดุภาครัฐ พ.ศ. 2560)

A key piece of legislation relevant to the proper procedures and practices for public procurement and asset management in Thailand.

State Financial Discipline Act B.E. 2561(พระราชบัญญัติวินัยการเงินการคลังของรัฐ พ.ศ. 2561)

The legislation governing financial discipline and fiscal management for the state in Thailand.