Bangkok: The government is preparing to transfer 10,000 baht to senior citizens during the Chinese New Year, and is accelerating the resolution of credit card debt, home debt, and car debt, with an interest exemption for 3 years. Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced that the Economic Stimulus Policy Committee, chaired by the Prime Minister, approved several measures aimed at reviving the economy through short-term initiatives. One of the key steps includes the distribution of 10,000 baht in cash to the elderly for general spending. To qualify, senior citizens are required to register via a government app, undergo qualification screening, and verify their identity.
According to Thai News Agency, Deputy Minister of Finance Chulaphan Amornvivat mentioned that the transfer is expected to commence around the Chinese New Year next year, targeting approximately 4 million eligible recipients. This initiative will utilize a budget of 40 billion baht. For those without mobile phones
, the government plans to open registration soon. Meanwhile, a digital money system for registered individuals is undergoing testing to ensure stability and security, with an expected launch early next year.
Finance Minister Pichai further explained that the government is focusing on resolving household debt issues. The Ministry of Finance is collaborating with state and commercial banks to address short-term debt challenges, including home loans, car loans, and credit card debts, with a debt ceiling of approximately 1.2-1.3 trillion baht. The plan involves negotiating debt restructuring and offering a three-year interest waiver. Additionally, if individuals repay their debts within five years, all outstanding interest will be forgiven. The Treasury and the Bank of Thailand are working towards finalizing these measures.
Deputy Minister Chulaphan also highlighted the government’s intention to support farmers by distributing 1,000 baht per rai, up to a maximum of 20 rai per person. Farmers are recognized as a
vulnerable group in need of assistance to manage debts and meet consumer needs. Consultations with the Ministry of Agriculture and related agencies are ongoing to determine the payment method for farmers, with preparations underway for the upcoming rice harvest at the end of the year.
In addition to these initiatives, the government is developing further economic stimulus measures across various sectors. The inclusion of the Minister of Transport and the Minister of Tourism and Sports in the committee is intended to boost infrastructure investment and tourism development. The government also plans to revitalize the real estate sector, addressing the needs of construction contractors, furniture, and home decoration industries, as well as providing housing for low-income individuals. Measures to attract significant investment projects, such as the Land Bridge, are being formulated to draw both domestic and international investors. These proposals will be presented at the upcoming stimulus board meeting for dis
cussion and approval.