Bangkok: Deputy Prime Minister and Finance Minister Pichai affirmed that the 2016 budget will proceed smoothly despite political parties currently forming a new government. He emphasized strict control over budget spending and reducing additional borrowing to push the budget forward.
According to Thai News Agency, Deputy Prime Minister and Finance Minister Pichai Chunhavajira assured that the political transition will not impede the Senate's review of the 2026 budget bill. He highlighted that Thailand's political nuances are well-known to investors, thus mitigating any major concerns. Mr. Pichai also remarked on Thailand's readiness to comply with international rulings, such as the potential US Court of Appeals decision on Trump's tariff policy, to remain competitive globally.
Reporters noted that Mr. Pichai briefed the Senate on the 3.78 trillion baht fiscal year 2026 budget bill, emphasizing four key principles. These include aligning policies with the National Economic and Social Strategy and ensuring efficient use of resources. The budget aims to tackle urgent issues, boost competitiveness, and transform Thailand into a production hub through infrastructure development, welfare improvements, and leveraging innovation and digital technology.
Increased budget efficiency will be pursued by eliminating unnecessary expenditures and encouraging off-budget funding sources. Collaboration with the private sector is encouraged to alleviate the national budget's burden. The government is focused on maintaining fiscal discipline, stimulating economic growth, preparing for trade challenges, and addressing domestic and international economic factors.