Wissanu Says New Government Would Have Full Authority To Rewrite FY2024 Budget Bill

The incoming administration would have full authority to rewrite the FY2024 budget bill, according to caretaker Deputy Prime Minister and the outgoing government's legal czar Wissanu Krea-ngam. The official added that it would be a normal thing to do, especially that the Move Forward Party (MFP) has a different budgeting policy than the outgoing administration.

• The budget bill needs to be passed by parliament by the end of September as the fiscal year in Thailand starts in October. Wissanu said that the caretaker government had to prepare a spending plan in case the formation of the next government is delayed, but there would be nothing unusual if the new administration decided to rewrite it.
• Thai Enquirer reports that the MFP are proposing to introduce the so-called zero-based budgeting approach. The party wants to abandon the traditional approach, which uses the previous year's budget as a base. The alternative way of budgeting starts from a zero base and requires every government agency to justify its expenses for the next fiscal year.
• The MFP's bid to form the next government remains in limbo as the party struggles to convince enough Senators and fights legal headwinds. Meanwhile, the Federation of Thai Industries warned that a delay to new government formation lasting six months or more could reduce Thailand's GDP growth rate to +1%-2% Y/Y.