The Royal Gazette reported on Tuesday (February 26) that His Majesty the King had approved the national budget for fiscal 2020, retroactively effective from last October 2.

After a string of delays and approval from the Parliament, the National Budget Act for fiscal 2020 was published in the Royal Gazette on February 24. The Royal Gazette said that, as per custom, the prime minister and finance minister were responsible for enforcing the budget legislation.

The Cabinet approved Bt3.2 trillion in expenditures, with Bt2.731 trillion expected in revenues and a deficit of Bt469 billion, 4.2 per cent higher than the previous year.

Expenditures are Bt2.39 trillion in current spending, Bt655.8 billion in capital spending and Bt89.17 billion in debt repayment, leaving a Bt62.7-billion treasury cash balance.