Thailand's parliament on Saturday passed a delayed draft budget bill for th...
BANGKOK - Thailand’s parliament on Saturday passed a delayed draft budget bill for the 2020 fiscal year aimed at boosting Southeast Asia’s second-largest economy, which is growing at its slowest pace in years.
The budget’s approval was key for the survival of the coalition government, which has a slim majority in parliament. A defeat would have forced former junta leader Prayuth Chan-ocha’s government to either resign or dissolve parliament. The proposed budget foresees a 7% rise in overall spending to 3.2 trillion baht for the fiscal year that began on Oct. 1. It sets a deficit of 469 billion baht, up 4.2% from the 2019 fiscal year.
The draft bill is expected to come into effect in February following a vote in the senate, which meets on Jan. 20, and the king’s endorsement, Budget Bureau chief Dechapiwat Na Songkhla told Reuters.
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