Ekniti Vows to Push Forward with 400 Billion Baht Emergency Borrowing Decree, Insists Delay Not an Option Like Denying Medicine to the Sick
Finance Minister Ekniti defended a 400-billion-baht emergency borrowing decree to address Thailand's energy crisis, dismissing opposition challenges as delaying critical relief comparable to denying medicine to a sick patient.
At 3:40 p.m. on May 14, 2025, Deputy Prime Minister and Finance Minister Ekniti Nitithanpraphase held a press conference at Government House regarding the opposition's petition to the Constitutional Court challenging the decree authorizing the Finance Ministry to borrow 400 billion baht to address the energy crisis and advance the country's energy transition. The government stands firm that the decree is economically necessary, he said, citing a global economic crisis stemming from ongoing conflicts, energy crises driving up oil prices, and rising inflation expected to reach 2.9 percent and impact living costs. Ekniti emphasized this current crisis differs from past financial crises like the 1997 Asian financial crisis or the 2008 global financial crisis.
Ekniti stated the decree aims to support citizens' livelihoods and questioned why energy transition couldn't proceed simultaneously, describing it as "killing two birds with one stone." He illustrated how rising costs could force businesses to cut profits or lay off workers, making immediate intervention crucial. Using a medical analogy, he argued that just as a sick patient cannot wait five months for medicine, Thailand cannot delay action. He cited the Russia-Ukraine crisis's impact on electricity costs, arguing the country should have shifted to clean energy then, noting that solar panels, biodiesel transport, and renewable energy reduce living costs while addressing long-term challenges.
Ekniti expressed confidence the decree was comprehensively designed with emergency safeguards and clear mechanisms. He dismissed opposition concerns about favoritism toward big business, asserting the decree includes oversight committees and transparency measures with detailed project screening processes. He stressed that immediate action is necessary as the sick patient needs medicine today, not waiting four to five months for next year's budget allocation.
