- May 25, 2020
- Posted by: admin
- Category: Daily News
- The government is set to reallocate THB150bn from the 2020 and 2021 fiscal budgets if additional funds for economic and social restoration are needed to blunt the fallout from the pandemic, says the Budget Bureau.
- The THB150bn will be spent if either the existing THB400bn budget most recently earmarked for economic and social rehabilitation is insufficient, or if the economic recovery takes longer to materialise, said bureau director Dechapiwat Na Songkhla.
- Mr Dechapiwat said THB40bn will be allocated from the 2021 annual budget to alleviate impacts from the pandemic, which is scheduled to go before the cabinet on 26 May 20; THB60bn from the central budget for the next fiscal year; and the remaining THB50bn from reallocating unused 2020 budget monies.
- Under a draft act on reallocation of the 2020 budget, THB88bn will be redirected to the central budget for emergency. Of the total, THB50bn will be available to be spent for solving economic problems resulting from the virus outbreak and the remainder to tackle drought issues.
- The draft is expected to seek cabinet approval by early Jun 20. Under the 2021 annual budget expenditure, THB14.3bn has been earmarked for large investment projects (defined as projects exceeding THB1bn in value), mostly for roads and water resource development.
- The cabinet in Jan 20 approved a FY2021 budget of THB3.3tr with a deficit of THB523bn. The state investment budget for FY2021 amounts to THB674bn, accounting for 20.5% of the total budget, in compliance with the fiscal disciplinary framework which requires the government to allocate at least 20% of the annual budget to investment.