Thailand’s new PM Srettha, Cabinet sworn in as economic risks mount

Thailand’s Prime Minister Srettha Thavisin and his Cabinet were brought into office on Tuesday, around four months after a general election took place, along with the fresh government ready to show ideas to handle the expensive living and near-record household debt. Mr Srettha and 33 ministers took the oath of faithfulness before King Maha Vajiralongkorn at a traditional ceremony at the regal palace in Bangkok.

Mr Srettha will currently bring a policy-priority statement at a collaborative session of Parliament tentatively going to happen on Sept 11, to be followed by the first official Cabinet meeting a day later that may make a choice on bringing down diesel and electricity prices for the convenience of people. The swearing-in draws the curtains on a post-election political stalemate that roots from a distorted consequence, leading to a partial policy paralysis and an exodus of foreign funds.

Mr Srettha’s coalition government deals with the task of jump-beginning South-east Asia’s second-hugest economy amid increasing interest rates and a decline in exports. The immediate tasks awaiting Mr Srettha, who also oversees the Finance Ministry, involve the decision of the state budget for the fiscal year beginning Oct 1. The government has already declared notions to bring down energy rates and city-train fares, and for the timings suspend debt repayment by farmers as part of a raft of ideas to bring down the expenditures and raise investment in the US$500 billion (S$681 billion) economy