BANGKOK - Thailand's Parliament will put to vote an initial draft of the US$93 billion annual budget on Thursday , posing a key test to Prime Minister Prayuth Chan-o-cha whose ruling coalition is coming under some strain from internal divisions.
Coalition managers are now working overtime to ensure the passage of the 3.19 trillion baht budget plan for the year starting Oct 1, which also includes a deficit of 695 billion baht. Mr Tim Leelahaphan, a Bangkok-based economist at Standard Chartered Plc, said the risk was low and"political noise is likely to rise in the second half as pre-election activity begins."
"Allowing this budget to pass will create a crisis for the next government," Mr Chonlanan Srikaew, the opposition leader and head of the Pheu Thai party, told Parliament."This budget will be a trap. This government will leave a debt legacy - public debt, household debt and bad debt." Its public debt has ballooned to about 61 per cent of the gross domestic product from about 41 per cent before the pandemic as it borrowed about 1.5 trillion baht to fund Covid-19 stimulus measures.
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