Cabinet approves B43bn consumer subsidy extension

Thailand's cabinet has approved an extension of a 43 billion baht consumer subsidy scheme for an additional two months, Finance Minister Ekniti Nitithanprapas announced on Tuesday. The expanded program will provide 1,000 baht to registered individuals, usable until the end of November, as Mr. Ekniti explained during a briefing. The extension aims to assist the public in coping with soaring oil prices stemming from the Middle East crisis and support the country's economy, Mr. Ekniti added.

Mr. Ekniti expressed confidence that the economy will still grow by 2.5% this year, maintaining the same forecast projected by the Finance Ministry in July. The extension will be funded by the remaining funds allocated for relief measures under a larger 400 billion baht borrowing plan designed to mitigate the impact of high oil prices.

The initial phase of the subsidy scheme, launched in June and concluding this month, targeted approximately 40 million people. Each beneficiary received 1,000 baht per month, with the government covering 60% of eligible purchases, capped at 200 baht per person per day.