2-9-2023 (BANGKOK) Srettha Thavisin, Thailand’s new Prime Minister and real estate tycoon, has been appointed as the country’s finance minister in a Cabinet endorsed by King Maha Vajiralongkorn. The formation of the Cabinet aims to bolster Southeast Asia’s second-largest economy and fulfill key campaign promises.
Thailand has been grappling with a sluggish economy due to weakened exports and investments. The central bank recently indicated that the projected growth rate of 3.6% for the year may need to be revised downward. Reviving the economy holds paramount importance for Srettha, a political newcomer who assumed the role of prime minister last month after a prolonged period of uncertainty following the May election.
The newly disclosed Cabinet, published in a royal gazette and approved by the king, grants Srettha’s Pheu Thai party, backed by the billionaire Shinawatra family, oversight of key ministries, including defense, transport, commerce, health, and foreign affairs.
The announcement of the Cabinet comes on the heels of Srettha’s parliamentary victory in August, securing the position of prime minister. Notably, on the day of the vote, Thaksin Shinawatra, a prominent figurehead of the Pheu Thai party, made a dramatic return to Thailand after 15 years in self-exile to evade an eight-year prison sentence. However, upon his arrival, Thaksin was admitted to a police hospital due to chest pains and high blood pressure. He subsequently submitted a request for a royal pardon.
In a recent development, the king commuted Thaksin’s sentence to one year, citing loyalty to the monarchy and poor health.
Srettha’s swift rise to power, Thaksin’s return, and the formation of a coalition between Pheu Thai and former rivals have fueled speculation about a potential agreement between Thaksin and his conservative and royalist adversaries within the influential military. However, Thaksin and the Pheu Thai party have denied such claims.
The Pheu Thai party will hold key economic ministries, which will play a vital role in implementing their policies, including the distribution of a 10,000 baht (US$285.63) digital currency handout.
Bhumjaithai, the largest coalition partner known for advocating medical cannabis use, will oversee the education, interior, and labor ministries.
Conservative and pro-military parties will lead the energy and environment ministries.
Srettha and his Cabinet, consisting of 33 ministers, will take an oath in the presence of the king before delivering a policy statement in parliament. They are set to commence their work later this month.
Srettha has outlined the initial priorities of the Cabinet, which include addressing the cost of living by reducing electricity and gas prices and relaxing visa entry rules for Chinese tourists to boost the tourism sector.
