Bangkok (VNA) – With 288 votes in favour, 119 against, with 86 abstentions, Thailand's House of Representatives on July 1 passed the 2027 budget expenditure bill in its first reading, or acceptance in principle, after three days of debate.
Before the vote, Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said that the government is focused on strengthening the country's economic competitiveness, raising people's incomes and maintaining economic stability amid persistent challenges. He also called on opposition parties to offer constructive recommendations to improve the budget bill.
On the budget deficit, Ekniti acknowledged that in 2026, the country has faced overlapping crises, causing the deficit to rise to 4.4% of gross domestic product, which created pressure from global credit-rating agencies. In 2027, the government plans to reduce the deficit to 3.9% of GDP.
It has also announced a medium-term fiscal sustainability plan, targeting a reduction in the deficit to below 3% by 2029.He stressed that although the budget is limited, the government is not halting investment. Instead, it will change the method of funding by using off-budget tools.
These include 270 billion THB (about 8.3 billion USD) in state-enterprise investment budgets, public-private partnerships, or PPPs, and the acceleration of regulatory reforms to attract real investment through the Board of Investment.
Following its initial approval by the lower house, the fiscal 2027 budget bill will be submitted to a special House committee for detailed scrutiny before returning to parliament for further consideration in accordance with legislative procedures./.
