Thai PM Srettha Thavisin to take finance portfolio amid tepid economic growth
- Reviving Thailand’s faltering economy will be one of the biggest tasks for political newcomer Srettha, who became prime minister last month
- The new cabinet will see Srettha’s Pheu Thai party oversee the defence, transport, commerce, health and the foreign ministry portfolios
Thailand’s new Prime Minister Srettha Thavisin was named finance minister on Saturday in a cabinet that was endorsed by the king, as the real estate tycoon seeks to boost Southeast Asia’s second-largest economy and implement key campaign promises.
Thailand’s economy has been faltering due to weaker exports and investments, with the central bank saying last month that the full-year forecast for 3.6 per cent growth could be lowered.
Reviving Thailand’s economy will be one of the biggest tasks for political newcomer Srettha, who became prime minister last month following prolonged uncertainty after a May election.
New Thai PM Srettha discusses overcoming divisions with coup leader
The new cabinet, disclosed in a royal gazette and endorsed by King Maha Vajiralongkorn, will see Srettha’s Pheu Thai party, backed by the billionaire Shinawatra family, oversee the defence, transport, commerce, health and the foreign ministry portfolios.
The announcement of the new cabinet comes weeks after Srettha, former president of luxury property developer Sansiri, won a parliamentary vote in August to become prime minister.
On the day of the vote, Pheu Thai figurehead Thaksin Shinawatra returned to Thailand in a dramatic homecoming after living abroad for 15 years in self-exile to avoid an eight-year prison sentence. On his first night back, Thaksin was transferred to a police hospital over chest pains and high blood pressure. He later submitted a request for a royal pardon.
On Friday, the king commuted the sentence to one year, citing his loyalty to the monarchy and his poor health.
Srettha’s rapid ascent to power, Thaksin’s smooth return and a coalition between Pheu Thai and former rivals fuelled speculation about an agreement between Thaksin and his foes among the country’s powerful conservative and royalist army. Thaksin and the Pheu Thai party say that is not the case.
Pheu Thai will control key economic ministries, which will be crucial in implementing its policies, including a 10,000 baht (US$285.63) handout in the form of digital currency.
Its largest coalition partner, Bhumjaithai, best known for advocating the use of medical cannabis, will oversee the education, interior and labour ministries.
Conservative and pro-military parties will lead the energy and environment ministries. Police General Patcharawat Wongsuwan, brother of ex-army chief Prawit Wongsuwon who was closely involved in 2014’s coup, has been appointed minister of natural resources and environment.
Political analyst Yuttaporn Issarachai said the royal command indicated the country was one step closer to having a new government.
“The new cabinet needs to take an oath of allegiance before the king, and declare their policies in the parliament. Then, it will be considered fully-functioned,” Yuttaporn said.
Some critics have pointed to the new cabinet’s similarity to the previous one.
“Some people say it’s the old cabinet with Pheu Thai in it. This is the result of forming the government with the rival parties,” Yuttaporn said.
Srettha and his cabinet of 33 ministers will swear an oath before an audience with the king, then deliver a policy statement at parliament before they start work this month.
Srettha had said the first cabinet meeting would tackle cost-of-living problems by reducing electricity and gas prices, and relaxing visa entry rules for Chinese arrivals to boost tourism.
Additional reporting by Agence France-Presse
