Bangkok: Mr. Abhisit Vejjajiva, Member of Parliament and leader of the Democrat Party, voiced strong criticisms against the 2027 fiscal year budget draft during a parliamentary debate. He described the budget as "having no future" and termed it as a mere "day-to-day living budget" that fails to address Thailand's long-term financial issues.
According to Thai News Agency, Mr. Abhisit highlighted that the budget structure reflects long-standing problems exacerbated by the current global situation. He noted that the revenue collected is barely sufficient to cover recurring expenses and debt repayments, with investment funds largely relying on deficit and borrowing. He lamented that the tax revenue ratio to GDP remains at 14.6 percent, the lowest in history, despite increasing public demands.
Mr. Abhisit expressed disappointment over the absence of the Prime Minister and the Minister of Finance during the debate. He called for significant tax reform, emphasizing that without it, critical public welfare goals, such as increasing allowances for the elderly and people with disabilities, remain unattainable.
He criticized the government's borrowing strategies, pointing out that funds meant for investment were diverted to promote imports rather than genuine investment projects. The lack of progress in public-private partnerships and the promotion of unprofitable projects like the land bridge were also areas of concern.
In his detailed critique, Mr. Abhisit questioned the sustainability of pension and healthcare budgets, which he argued would be insufficient given the current expenditure trends. He called for clarity on government plans regarding public sector personnel and their benefits to ensure financial sustainability.
Mr. Abhisit warned that without restructuring, public debt could escalate beyond 70 percent, potentially reaching 80 to 90 percent within the next decade. He stressed that courage and reform are essential to create a viable financial future for Thailand.
Finally, Mr. Abhisit criticized the lack of clear investment strategies in the budget allocations, particularly in the Ministry of Digital Economy and Society, suggesting that the increased funding lacked a coherent plan for technological advancement. He concluded by stating that the Democrat Party does not see a future with the current budget approach, which he described as merely covering daily expenses without addressing fundamental issues.