BANGKOK, Jan 29 (TNA) - Thailand's Prime Minister Abhisit Vejjajiva said on Thursday he was confident that a Bt116.7 billion (US$3.35 billion) supplementary budget would help cushion impacts of the economic slump, and that the funds would be injected into the economy as early as March.
The premier made the remarks after the bill won parliamentary approval early Thursday.
The government pins high hopes on the extra budget to help stimulate the country's economy amid global economic downturn.
The bill won the backing of 238 members of parliament out of 455 MPs present in its first reading.
The passage of the bill came after more than 11 hours of intense debate during which the Puea Thai-led Opposition and the government traded accusations.
A special 35-member committee has been set up to thoroughly scrutinise the bill which must successfully pass through two more readings before being promulgated.
Among key economic stimulus measures included are cash handouts for low-income employees and the elderly, tax cuts, government-funded free education for 15 years and free rides on public transport.
Prior to the vote, Prime Minister Abhisit Vejjajiva dismissed the Opposition's heavy criticism that the government's economic stimulus package was tantamount to buying votes in advance, and that it would fail to spur economic growth.
The government had allocated budget in response to immediate problems and priorities.
Long-term measures covering all sectors would be implemented with an aim to restore the economy, said the premier.
The Thai economy has slowed sharply in recent months, with the Bank of Thailand lately revising its 2009 growth forecast to just 0.5-2 per cent, less than half the growth rate posted last year. (TNA)
Business News : Last Update : 13:17:21 29 January 2009 (GMT+7:00)
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