BANGKOK, VNA - Thailand’s Cabinet on October 7 approved a budget of 3.2 trillion THB (106 billion USD) for the 2020 fiscal year to bolster the country’s sluggish economy.
Thailand’s overall spending will be about 7 percent higher than the previous year’s 3 trillion THB, with a deficit projected at 469 billion THB, or 2.6 percent of gross domestic product (GDP), up from the previous year’s 450 billion THB gap.
Government investments are projected at 656 billion THB, or 20.5 percent of all spending, up from last year’s 649 billion THB.
A bill on this effect is expected to be effective in early February 2020, after gaining all approvals and the king’s endorsement in late January, Budget Bureau chief of Thailand Dechapiwat Na Songkhla said.
The first reading of the bill in parliament is scheduled for October 17-18, while two others will take place in early January. However, it is not expected to be passed into law for four more months due to political delays.
The fiscal year began on October 1.
The budget has been delayed because Thailand only had its new Cabinet in July after March’s general election. - VNA