Thailand to start spending 2024 fiscal budget in early April

THAILAND’S 3.48 trillion baht (US$96.96 billion) budget for the 2024 fiscal year will be ready for use in early April, a government spokesperson said on Tuesday (Feb 27).

The budget act could be passed into law as early as Apr 3, Karom Phonphonklang told a press briefing, adding this would allow for the budget to be spent faster. It was originally scheduled to kick in on Oct 1, 2023 but delays in forming a government after a May election held up the necessary parliamentary approvals.

The government has touted higher spending in this year’s budget, saying it is needed to revive South-east Asia’s second-largest economy, which unexpectedly shrank in the final quarter of 2023 from the third as government spending declined.

The budget plan will go to parliament for the second and third readings on Mar 20 to Mar 21, before seeking approval from the senate and the king, Karom said. REUTERS