Thai Junta Approves $358 Million Cash Handout For Poor
Fahad Shabbir (@FahadShabbir) Published November 22, 2016 | 01:40 PM
BANGKOK, , (APP - UrduPoint / Pakistan Point News - 22nd Nov, 2016 ) : Thailand's military leaders Tuesday announced $358 million in cash handouts for some of the kingdom's poorest people, a surprise giveaway from a junta that decried subsidies by the civilian government it toppled.
The move comes as Yingluck Shinawatra, whose democratically elected administration was kicked out in a 2014 coup, faces up to a decade in jail over a generous rice subsidy aimed at the rural poor.
Since seizing power junta leader Prayut Chan-O-Cha has railed against the rice scheme, which cost Thailand billions of Dollars, and vowed to end Thailand's culture of "populist" government subsidies.
But in its latest sop to an increasingly hard-up public, Prayut said $358 million in cash handouts would be released next month. "It's a measure to help low-income earners," he told reporters adding the move would be a "stimulus to the economy that would trigger more spending".
Those earning under 30,000 Baht ($845) a year will receive a 3,000 baht one-time handout while those earning between 30-100,000 baht will be given 1,500 baht.
Farmers are not included in the latest handout because they had already received financial help, he added.
The military has stifled opposition to its rule by clamping down on rights but has found economic success more elusive. Although the economy has picked up since the coup -- with a forecast growth rate of 3.2 percent this year -- high household debt, weakening exports, slumping foreign investment and low consumer confidence crimp what was once one of the region's strongest economies.
Farmers, especially in the enormous rice and rubber sectors, have been hit hard by low commodity prices this year. The economic wobbles have seen the junta resort to the kind of populist tactics they vowed to end.
Earlier this month the junta approved a rescue package of at least $1.3 billion in subsidies for farmers who agree to delay selling their crops to avoid a glut. Rice is Thailand's staple dish and one of its main agricultural exports, but also has major political significance as farmers are the backbone of a pro-democracy movement that the junta has suppressed.
Related Topics
Recent Stories
Journalists call for global action to end Gaza’s humanitarian crisis
CM for generating opportunities to bring direct int'l investment
Pakistan retains position in FTSE secondary emerging market
High Commissioner of Malaysia hosts Iftar dinner reception
NEPRA announces 2nd quarterly adjustment in power bills with Rs 1.68 cut per uni ..
Hoopo Inc. Collaborates with SAU to Install Solar-Powered RO Plant
04 killed in Spain as Storm Nelson looms
Russian military jet crashes into sea off Crimea: Governor
Rain-windstorm/thunderstorm likely at various parts of country
Implementation of Sindh Agriculture Workers Act-2019 demanded
Pandemic accord talks heading for extra time
Khawaja reiterates PM commitment to judiciary
More Stories From World
-
Bus plunges off S.Africa bridge killing 45: ministry
4 hours ago -
S.Africa's ex-president Zuma barred from May election
5 hours ago -
Tax the rich: slow progress on the international front
5 hours ago -
Bus plunges off S.Africa bridge killing 45: ministry
5 hours ago -
Russia sentences journalist to 2 years in prison, detains others
5 hours ago -
France asks for foreign help for Olympics security: officials
6 hours ago
-
04 killed in Spain as Storm Nelson looms
6 hours ago -
Russian military jet crashes into sea off Crimea: Governor
6 hours ago -
Pandemic accord talks heading for extra time
6 hours ago -
French parliament backs bill against hair discrimination affecting black women
6 hours ago -
Russia says 'evidence' links Ukraine to Moscow attack
6 hours ago -
Russian shelling kills three in Ukraine, officials say
6 hours ago