Sirikanya Blasts Government Over 400 Billion Baht Emergency Decree, Warns of Spiraling Debt Ceiling in Fiscal Year 2570

On May 5, 2569, Sirikanya Tansukul, deputy leader of the Pheu Thai Party, criticized the Cabinet's decision to issue a 400 billion baht emergency borrowing decree, expressing concern that the borrowing amount raises questions about whether the government will need to expand the debt ceiling. While the expansion may not be necessary by the end of fiscal year 2569, it will become inevitable when fiscal year 2570 begins, meaning the government will still need to expand the public debt ceiling during the 2570 budget process.

She noted that Deputy Prime Minister and Finance Minister Ek Niti has raised similar concerns, pointing out that the government's projections assume GDP growth will help reduce the debt-to-GDP ratio even if inflation increases. However, this raises further questions about why such a massive borrowing amount is necessary.

Sirikanya stated she supports the 200 billion baht emergency relief for citizens facing urgent hardship, but the remaining 200 billion baht for long-term economic restructuring should not require an emergency decree. The government should instead develop detailed projects and submit a regular bill to Parliament for consideration, as only the first 200 billion baht meets the constitutional emergency criteria under Article 172.

Emergency decrees should be used sparingly and only when truly necessary, as they represent executive power that bypasses parliamentary oversight and scrutiny. Such extraordinary measures should only occur during genuine crises or urgent emergencies.

Regarding the government's argument to combine the borrowing with economic restructuring using the COVID model, Sirikanya cautioned that different crises require different responses. The COVID pandemic relief, distributed through cash handouts, was appropriate for economic stimulus during that specific downturn. However, the current energy crisis is fundamentally different from the pandemic crisis.

She raised additional concerns about the government's "half a million per person" cash transfer program, noting it has limitations and unclear modifications. While cash assistance appears helpful for reducing living costs, it remains restrictive and may not be the most suitable tool for addressing the current crisis. The government hasn't specified whether it will expand the program to 60 percent government subsidy.

The half-a-million program has conditions and restrictions that make it difficult to access and unsuitable for addressing the current emergency. Given that Thailand is facing an energy crisis with rising costs of living across all sectors, not just daily expenses, conditions should be broadened significantly. Direct cash payments without additional restrictions would be more appropriate, since existing conditions were designed to stimulate the economy during growth periods, not during the current economic downturn and high inflation.