BANGKOK, June 29 (Xinhua) -- Thailand's government proposed a 3.79-trillion-baht (about 113.85 billion U.S. dollars) budget bill for the fiscal year 2027 to parliament for its first reading on Monday, pledging efficient spending and narrower deficits ahead.
Thai Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said the bill runs a budget deficit, with gross revenue projected at about 3.15 trillion baht, up 2.7 percent from the previous year, and 788 billion baht in borrowing to cover the shortfall.
Public debt stood at 66.66 percent of gross domestic product (GDP) as of April, remaining within the 70 percent legal ceiling but close enough to weigh on the country's credit standing and long-term fiscal sustainability, Ekniti told a parliamentary session.
He said years of continuous deficit spending and rising mandatory current expenditure had squeezed room for investment, noting that the government aims to narrow the deficit to no more than 3 percent of GDP by 2029.
The deputy prime minister stressed that the proposed budget was designed to preserve stability and strengthen the economy amid a recovering global outlook and steady domestic demand, adding that funds would be spent strictly within fiscal discipline rules.
The three-day deliberation in the 500-member House of Representatives is set to wrap up on Wednesday, with the bill needing approval from a majority of the legislators present to clear its first reading. ■
