The Bureau of the Budget and the Thai Ministry of Finance have scheduled a meeting to discuss possible changes to the budget bill for the next fiscal year to better reflect the policies of the new government, a source from the Ministry said.
The bill, which approved a state budget of 3.35 trillion baht for the fiscal year starting in October, was approved in March by the government of General Prayut Chan-o-cha.
The Bureau and the Ministry will scrutinize the budget to determine whether certain changes should be made to better reflect the policies of the new government, or whether the entire budget bill should be rewritten.
However, the second option would require consideration of the country's projected revenues and expenditures, as well as other economic indicators, the source added.
The Forward Movement party, led by Pita Limjaroenrath, is trying to form a new coalition of eight political parties with 313 members of parliament after the party won elections last Sunday.
Of the 3.35 trillion baht allocated in the budget bill, 2.49 trillion is set aside for regular expenses, 717 billion for investment in development projects, 117 billion for loan repayments and another 33.7 billion allocated as a reserve.
According to the source, the state budget for the fiscal year 2024 is in deficit, which means that spending exceeds revenue. The outgoing government planned to borrow 593 billion baht to cover the deficit.
Thailand's public debt is 10.79 trillion baht, which is 61.2% of the country's annual gross domestic product of 19.42 trillion baht.
