Thailand rolls out $14B digital wallet scheme to stimulate economy

ISTANBUL

Thailand on Wednesday began disbursing cash payments of 10,000 baht (about $305) to millions of people in the country, in an effort to boost the Southeast Asia's second-biggest economy.

Prime Minister Paetongtarn Shinawatra led a ceremony to disburse the "digital wallet" scheme, under which the first group of people received the benefit.

The $14-billion economic stimulus plan aims to cover an estimated 45 million of the country's roughly 72 million population.

"This is a policy that truly brings money into the hands of our brothers and sisters. We will create economic opportunities ... giving a breath of life to our brothers and sisters, small and medium-sized people who are suffering," Paetongtarn said on X.

In the first phase, the government will cover around 14.55 million people, who will receive 10,000 baht in their accounts, as well as in cash.

"There are no conditions for spending this money. Once the money is in the account, it can be spent immediately," said the prime minister.

"It is enough that when many people come together, they can invest, do business, create or expand their business and embrace the good opportunities that come their way ... When the opportunity comes, we will definitely not let this opportunity go to waste," she added.