Thailand: Cabinet approves freeing up funds from 2021

  • The cabinet on 15 Apr 20 approved cutting the investment and regular budgets in fiscal 2021 by 50% and 25% respectively, a move to mobilise funding to ease the financial burden arising from the pandemic.
  • Narumon Pinyosinwat, a government spokeswoman, said all state agencies are required to revise their fiscal budgets in line with cabinet approval and resubmit them to the Budget Bureau on 22 Apr 20.
  • Ms Narumon said cuts should not be made to binding items and suggested funds for seminars, training programmes, public relations, allowances, lodging, vehicles and overseas trips as ripe for the chop.
  • The budget for fiscal 2021 is THB100bn, 3.1% bigger than the fiscal 2020 blueprint.
  • The fiscal 2021 budget is based on an economic growth forecast of 3.1-4.1% and an inflation rate of 0.7-1.7%.
  • The regular budget is set at THB2.50tr in fiscal 2021, making up 76% of the total budget, up THB116bn or 4.8% from fiscal 2020. The investment budget was set at THB693bn, accounting for 21% of the total budget, up by THB37bn from fiscal 2020.

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