Thaksin Vows Fulfilment of Key Pledges, Digital Wallet on Hold for Economic Rebound

Former PM insists all promises, including the digital wallet and flat-fare rail, will be delivered, while acknowledging economic challenges and reallocating funds

 

Former Prime Minister Thaksin Shinawatra has asserted that his government is committed to delivering on all its election promises, including the much-anticipated digital wallet scheme, though he indicated the latter would be rolled out once the economy stabilises.

 

Speaking in a special interview with the Nation Group on Friday, Thaksin clarified that an initial budget of 157 billion baht, earmarked for the digital wallet, had been reallocated.

 

This adjustment, he explained, was necessitated by economic challenges stemming from US tax measures.

 

A portion of these funds is now reserved to cushion citizens from potential impacts, while another part has been redirected towards broader economic stimulus, a move deemed more appropriate amidst current uncertainties.

 

When pressed on the future of the digital wallet policy, Thaksin remained resolute.

 


"It will still happen," he affirmed, "but we will wait for the economy to improve before implementing this policy.


 

Emphasising his commitment to the public, he added, "Any policy promised to the people must be delivered, whether it's the 20-baht flat fare for the Skytrain or the digital wallet. It might take time, but it must be done. It's like owing someone 100 baht but only having 10 baht today; you still have to gradually pay it back in full."
  

Looking ahead to the latter half of the year, Thaksin highlighted the government's imperative to boost agricultural product prices, a measure that directly benefits the populace.

 

However, he cautioned against extensive subsidies, citing the nation's elevated public debt-to-GDP ratio and high household debt. He stressed the need for alternative solutions beyond mere price guarantees to stimulate the economy effectively.

 

Addressing the volatile economic landscape, Thaksin urged a fundamental shift in how people earn their livelihoods.

 

He pointed to intense competition and a significant influx of Chinese goods impacting various sectors. While the government is addressing the issue of illegal imports of substandard Chinese products that threaten local SMEs, he acknowledged the wider challenge.
  



 

Thaksin expressed particular concern over the escalating household debt crisis. He noted that approximately 500,000 out of an estimated 5 million cases have been resolved this year, a step he believes will alleviate the burden and allow citizens to adapt.

 

Regarding proposals from Members of Parliament to entirely clear debts for the impoverished, Thaksin dismissed this approach. Instead, he proposed utilising funds from the Financial Institutions Development Fund (FIDF) and mechanisms from specialised state financial institutions to assist citizens with debt management, stressing that outright debt cancellation could pose a "moral hazard".

 

For the remaining two years of the government's term, Thaksin outlined key priorities, including tackling drug problems and addressing the cost of living for ordinary citizens through systemic changes aimed at reducing expenses.

(2025/05/30-00:00)