BANGKOK, Dec. 12 (Xinhua) -- Thai Prime Minister Paetongtarn Shinawatra pledged additional stimulus and debt relief measures on Thursday in a bid to shore up the Southeast Asian country's sluggish economy amid weak consumption and high household debt.
The government will continue the second phase of its cash handout program, providing around 4 million senior citizens with 10,000 baht (about 295 U.S. dollars) each by the end of January, Paetongtarn said in a televised address on her administration's performance during the first three months in office.
In September, authorities distributed a cash stimulus of 145.5 billion baht (about 4.3 billion dollars) to around 14.55 million underprivileged individuals and people with disabilities.
This initiative has helped spur private consumption and is expected to boost the kingdom's economy, leading to growth exceeding 3 percent in the final quarter of 2024, the prime minister said.
Some 36 million Thais had registered for the handout scheme, a key campaign promise of Paetongtarn's ruling Pheu Thai Party. A third phase of the program is set to roll out later next year, she said.
Paetongtarn noted that the government will prioritize debt relief measures to aid struggling small businesses and retail borrowers, aiming to address rising household debt that has been weighing on the Thai economy.
According to the Finance Ministry, borrowers with housing, vehicle or small business loans can apply for a restructuring plan with a three-year interest moratorium, and individuals with small amounts of non-performing loans can negotiate with their creditors to settle their debts at a reduced amount.
Paetongtarn also highlighted her government's work on key structural issues, including water management, air pollution control, suppression of illicit drugs, monopoly reform, informal economy regulation and technological development.
"Our mission is to empower citizens, reduce centralized power and build a nation where everyone has the opportunity to prosper with dignity. Together, we will make 2025 a year of progress and hope, setting the stage for a brighter decade ahead," she said. ■