Sirikanya criticized the government for issuing a blank-check executive decree to borrow 400 billion baht, which risks a surge in the public debt ceiling in 2027. She said economic restructuring should be done through a bill to allow parliamentary oversight.
On 5 May 2026, Ms. Sirikanya Tansakul, Deputy Leader of the People’s Party, commented on the Cabinet's resolution to issue an executive decree to borrow 400 billion baht. She said the first concern is whether this amount will necessitate raising the borrowing ceiling. Although it may not need to be raised until the end of fiscal year 2026, starting in fiscal year 2027, an increase will be inevitable, meaning the 2027 budget process will still require raising the public debt ceiling. The government should reconsider whether it truly needs to borrow the full 400 billion baht.
In fact, Deputy Prime Minister Akniti Nitithanprapas also addressed this issue, based on projections that GDP will grow well due to inflation. Higher inflation would reduce the debt-to-GDP ratio. However, this raises the question of why it is necessary to borrow the full 400 billion baht. She is not concerned about the 200 billion baht allocated for urgent relief, as it meets the immediate needs of the public. But the other 200 billion baht is for long-term economic restructuring. Thus, only 200 billion baht qualifies under Section 172 of the Constitution for the executive loan decree.
Ms. Sirikanya added that while long-term economic restructuring is important, it is not urgent enough to justify an executive decree. Therefore, the government should carefully design projects for the 200 billion baht and then propose a bill to borrow the funds, submitting it to parliament for consideration. Executive decrees should not be issued indiscriminately but only when necessary and with caution, as they allow the executive branch to bypass parliamentary scrutiny, which is a disproportionate use of power and should only occur during real crises or urgent needs.
Regarding the government's claim that borrowing includes economic restructuring to be done all at once like during the COVID-19 model, it should be remembered that COVID loans were used to stimulate the economy through the 'Half-Half' subsidy during a downturn. But every crisis is different. The COVID crisis is not the same as the current energy crisis.
Ms. Sirikanya further said this raises concerns that the government plans to use the 'Half-Half' scheme to provide relief. Although it helps reduce living costs, it has many limitations and so far there is no indication of changing its conditions. It is still assumed to be the same 'Half-Half' scheme unless the government increases its share to 60%. Even then, the scheme has restrictions making it difficult to use and unsuitable as relief. Stimulating the economy or reducing costs with small short-term funds is appropriate, but the country is now facing an energy crisis with rising living costs in all areas, not just daily expenses.
Therefore, conditions should be as broad as possible to suit relief purposes, meaning cash payments without minor conditions. Those conditions were created for economic stimulus, which is inappropriate during the current economic downturn, high inflation, and high living costs in Thailand. Stimulus now might cause prices to rise further, as past experience shows some merchants have used such opportunities to increase prices.
The deputy leader of the People’s Party added that while Deputy Prime Minister Akniti repeatedly stated aid would target vulnerable groups only, the relief plan uses the 'Half-Half' scheme, requiring registration and a lottery system, leaving some needy people out. Those qualifying as poor but without state welfare cards may not register in time. Even with all packages in the 400 billion baht loan, some groups like farmers who have received only a few fertilizer bags and still suffer from high fuel prices, or fishermen who face high fuel costs for boats, have not received any relief.
This is another example of the government focusing on politically popular packages rather than genuinely addressing public hardship. The government should consider which measures suit which situations, rather than repeatedly using the 'Half-Half' scheme as if it is the only solution, casting a wide net without knowing if it reaches those truly in need. The government has claimed to want to help only vulnerable groups, avoid broad subsidies, and not cut excise taxes, but when political popularity declines, it resorts to 'Half-Half' with 200 billion baht in loans, contradicting its own statements.
Ms. Sirikanya also said she agrees in principle that overcoming this crisis requires both short-term relief and medium- to long-term economic restructuring, but it must be done legally. It is not burdensome for the government to submit proposals to parliament before borrowing. With a bill, the government would have more time to detail projects. Currently, the government cannot even clearly state what medium- and long-term economic restructuring entails, only mentioning solar cells, solar farms, and rooftop solar without details on how to transition to clean energy, the megawatt capacity, whether subsidies or grants will be provided, interest subsidies, or other specifics. Everything must be carefully planned.
Therefore, the government should not rush. Since the impact is medium- and long-term, there is time to consider. From past experience with at least two loan executive decrees empowering the Ministry of Finance to borrow, the government has consistently provided few details, effectively issuing blank checks to borrow any amount and spend as they wish.
She has consistently affirmed that she has no problem with the government issuing an executive decree loan for urgent relief under the current fiscal constraint. However, the process should be to issue an executive decree for relief first, and the remainder should be legislated through a bill with detailed proposals for parliamentary consideration. If done promptly within three months, it can be completed. In any case, there will be a startup period.