On July 24, 2019, Mr. Uttama Savanayana, the Minister of Finance, revealed on his personal Facebook page, "Dr. Uttama Savanayana," after a meeting with executives from the Ministry of Finance, that he has assigned both short-term policies utilizing the budget for 2019 and long-term plans requiring the budget for 2020 to manage the economy and reduce systemic inequality. The urgent policy that needs immediate action is addressing the basic needs of the people and facilitating access to loans for low-income individuals and small entrepreneurs.

           As for the government welfare card measures, the government will continue to advance these initiatives while enhancing benefits, similar to the provision of pensions for the elderly and disability allowances. There will also be an expansion to cover pregnant women and newborns, as well as students who excel academically but face family income issues. Additionally, there will be a push to develop the healthcare service system, improve access to medical services, and reduce congestion in large hospitals.

           Furthermore, the budget adjustment for 2020 will involve discussions to inject funds into the economy as quickly as possible, such as increasing the minimum wage for new workers and adjusting wages to align with skill development. Meanwhile, the long-term economic management plan from the Ministry of Finance will focus on strict financial discipline and a comprehensive review of the tax structure.

           The Economic Policy Office (EPO) has been tasked with reviewing the tax structure, including income tax rates and special tax incentives for investors in new target industries, as well as restructuring government revenue collection and improving tax rates to be more appropriate. This includes enhancing tax collection efficiency to accommodate the digital era, enabling the private sector to compete effectively, while also incorporating big data technology to improve financial management efficiency.

           Moreover, there is a strong emphasis on promoting national savings by encouraging all citizens to save for retirement, developing money and capital markets, and enhancing infrastructure to support the digital economy, bio-economy, circular economy, green economy, and creative economy. This includes improving laws to support new entrepreneurs and continuing the development of the Eastern Economic Corridor (EEC) to accommodate aviation hubs, medical centers in Asia, smart cities, and upgrading the agricultural sector to connect with industry, as well as addressing housing and livelihood issues to foster a caring society and strengthen communities.

           Reporters noted that Mr. Uttama has assigned all agencies to expedite the development of economic stimulus measures related to the policies and to present them again after the government policy announcement to the parliament. In particular, urgent measures must be clearly defined by early August to be implemented within August-September, given the current economic slowdown. However, the readiness of the budget must also be considered, as the Budget Bureau is currently reallocating unspent funds from some agencies.

           Mr. Prasong Poontaneat, Permanent Secretary of the Ministry of Finance, stated after the meeting with the Finance Minister that measures to stimulate the economy are already being prepared. For the short-term plan, the budget for 2019 is ready for implementation without the need for a new budget meeting. As for the preparation of the 2020 budget, another meeting will be scheduled to discuss it, aiming to reduce inequality and support the grassroots population, low-income individuals, and farmers.

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