Bangkok: The House of Representatives unanimously approved the principles of the draft Budget Transfer Act of 2026, with 462 votes in favor, 0 against, and 1 abstention. Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, affirmed that the bill adheres to principles of fiscal discipline, promoting investment, supporting the economy, and providing relief to the public. He acknowledged that Thailand is facing a crisis within a crisis, and that the 2026 budget was prepared before the government came into power.
According to Thai News Agency, Ekniti thanked the members for their participation in the debate on the Budget Transfer Act of 2026. He clarified the principles and rationale, addressing any incomplete or inaccurate information. Ekniti explained that the 2026 budget was prepared before this and previous governments came into power. He noted that Thailand and many countries worldwide are facing similar crises, including the volatile Middle East crisis, a crisis within a crisis. The current crisis is different from previous ones; it didn’t stem from GDP contraction but rather from a war that spread to the energy sector, driving up the cost of living and energy prices, ultimately creating a livelihood crisis for the people.
Ekniti highlighted the various challenges Thailand has faced, including floods, natural disasters, and border security issues. He stated that Thailand has strived to manage these multiple crises by utilizing available resources and mechanisms to alleviate the suffering of the people. He emphasized the need for conserved budget resources, prioritizing disbursement to revitalize the economy, alleviate the burden on citizens, and restore confidence.
Mr. Ekniti also mentioned the use of off-budget funds and state financial institutions implementing low-interest loan measures to support the public. He stressed the need to accelerate investment because foreigners are losing confidence in the Thai economy. He emphasized the need to boost investment by both central government and state enterprise budgets and to utilize foreign investment funds from the Board of Investment (BOI) to supplement the plan.
Ekniti addressed the importance of maintaining balance in budget disbursement. He acknowledged reports of varying financial figures but assured that efforts are being made to support the economy, provide relief to the public, and secure investment. He mentioned cutting unnecessary expenditures and reallocating funds to cope with the global economic crisis and energy crisis.
Ekniti expressed sadness over accusations of disregarding fiscal discipline or succumbing to political pressure, reaffirming his commitment to maintaining fiscal discipline alongside ensuring Thai economic growth. He noted the trust of credit rating agencies, which upgraded their outlook from negative to stable. He highlighted the growth in government investment and emphasized the need to maintain a balance between economic growth and providing relief to the public.
Ekniti discussed the allocation of remaining funds to the central budget as a reserve for uncertain events such as the unresolved energy crisis and potential droughts. He expressed confidence in the actions taken during his tenure, noting the improved competitiveness ranking and the need for further development.
In his closing remarks, Ekniti thanked the members for their comments and suggestions during the debate. He reaffirmed the commitment to manage the current budget efficiently, support the Thai economy, restore competitiveness, and prioritize the welfare and relief of the people. A 25-member committee was appointed to deliberate on amendments, with the bill set to proceed to the second and third readings in early July.