Government survives key test with B3.3tn budget vote

04-Jul-2020 Intellasia | BangkokPost | 9:25 AM Print This Post

The coalition government survived a key challenge on Friday when Parliament passed the first reading of a 3.3 trillion baht budget bill for the 2021 fiscal year, aimed at reviving an economy battered by the coronavirus pandemic.

A defeat would have forced prime minister Prayut Chan-o-cha’s 20-party government to either resign or dissolve Parliament.

After a three-day debate, the bill’s passed with 273 votes in favour, 200 against and three abstentions.

The bill still has to pass second and third readings in early September. It will also need senate and royal approval.

The proposed budget projects a 3.1 percent rise in spending to 3.3 trillion baht for the fiscal year starting on October 1. It projects a deficit of 623 billion baht, up 32.8 percent from the 2020 fiscal year.

The budget planners have assumed Southeast Asia’s second-largest economy will shrink 5%-6 percent this year before growing 4-5 percent in 2021. The Bank of Thailand has forecast a record economic contraction of 8.1 percent this year.

https://www.bangkokpost.com/thailand/politics/1945680/government-survives-key-test-with-b3-3tn-budget-vote

 


Category: Thailand

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