3 days ago
Ministry keen to press financial bills
Despite ongoing political uncertainty, the Finance Ministry appears poised to push forward three key financial bills.
According to Deputy Finance Minister Paopoom Rojanasakul, the three drafts are an amendment to the National Savings Fund Act, the Financial Hub Bill and the National Credit Guarantee Agency (NaCGA) Bill.
The draft amendment to the National Savings Fund Act allows the National Savings Fund to issue a "retirement lottery", aimed at attracting more people to save. This bill is expected to be presented for its first reading in parliament on July 16.
The Financial Hub Bill is designed to attract foreign investors and financial businesses, stimulate domestic economic activity and enhance financial skills among the local workforce. This bill was already reviewed and finalised by the Council of State and is expected to be submitted to the cabinet for approval on Tuesday. Once approved by the cabinet, it will be forwarded to parliament for deliberation.
According to Mr Paopoom, the draft NaCGA Bill is expected to be submitted to the cabinet on July 8 or July 15. This legislation is meant to improve access to formal credit for small and medium-sized enterprises by allowing NaCGA to assess lending risks and provide credit guarantees to financial institutions.
He said everyone involved in the process must continue to perform their duties because the country faces many obstacles that need to be resolved, including economic problems and border-related challenges. All ministries must continue to progress with their work.
Regarding the Entertainment Complex Bill, which was already approved by the cabinet, the government aims to submit it to parliament during the upcoming legislative session this month. However, Mr Paopoom said the draft still requires a detailed review before it can move forward.
"We can't afford to stop. Everyone must cooperate to ensure Thailand continues to move forward, both economically and in resolving border issues," he said. "We are trying to push through as many items in the pipeline as we can. There are no delays, with 2-3 draft laws heading to parliament."
Last week, three major private sector groups expressed growing concern over political instability, urging the government to ramp up efforts to rebuild trust and confidence among the public and businesses.
The Joint Standing Committee on Commerce, Industry and Banking is preparing to hold discussions with the Bank of Thailand, the National Economic and Social Development Council, the Finance Ministry and the Commerce Ministry to re-prioritise economic strategies, given limited resources. The focus is on stimulating the economy over the next 6-12 months.
