Bangkok: Nattapong Weerasethakul has raised alarms over the 2027 budget, cautioning that the nation may face bankruptcy if the debt continues to rise without a corresponding increase in government revenue. He emphasized the need for budget reform, highlighting areas of budget concentration and advocating for greater transparency by disclosing budget requests from all agencies.
According to Thai News Agency, the House of Representatives' Committee on Budget Preparation and Monitoring, led by Ms. Rakchanok Srinok, organized an event titled "Hack Budget 70." Nattapong Ruangpanyawut, a prominent member of the People's Party and the Leader of the Opposition, addressed the structural problems within the budget system, such as expenditures on seminars and overseas travel. He identified ministries with significant spending and reviewed the 2027 budget, outlining future financial plans.
Nattapong pointed out the availability of data and AI tools to enhance budget analysis, allowing for the public disclosure of data in Excel format. He detailed the 2027 budget allocation: 35% for non-refundable grants, 27% for other expenses, 18% for personnel, 13% for investment, and 7% for operating expenses. He expressed concerns over the underfunding of capital expenditure, which is below the legally required minimum, and criticized the reallocation of funds to meet capital expenditure criteria.
Nattapong argued for a clear definition of investment expenditure to prevent manipulation by future governments. He criticized the past interpretation of digital wallet budgets as investment, viewing it as a misrepresentation. He also referenced the dissolution of the Future Forward Party, which resulted from the misclassification of loans as income.
From 2016 to 2027, Nattapong noted that budget allocation has remained at 20% due to debt repayment and personnel costs, limiting future investment. He referenced the 2012 Tom Yum Kung crisis, identifying recurring expenses, corruption, and short-term populist projects as key issues. He warned that investment only accounts for a minor fraction of GDP, forecasting a significant gap between GDP growth and investment by 2027.
Nattapong highlighted regional disparities in budget distribution, with Bangkok receiving significantly more funding per capita than the Northeast. He called attention to the inefficiencies in tax collection, suggesting that revenue growth has not kept pace with economic expansion.
Finally, Nattapong criticized the current budget allocation process for relying on outdated baselines rather than adopting Zero-Based Budgeting. He announced the People's Party's intention to propose new legislation, including the Budget Procedures Act, to ensure transparent and accountable budgeting practices. He stressed the importance of public access to budget requests to prevent manipulation and ensure fair allocation across provinces.