BANGKOK: Thailand’s prime minister said on Wednesday there would be no impact on economic policies and plans from the sudden resignation of the finance minister, whose replacement will be made “at an appropriate time”.
Prayuth Chan-ocha said he would lead what he described as a capable economic team, as his government struggles to pull Southeast Asia’s second-largest economy out of a coronavirus-induced slump.
“If there is no minister, then there are deputies and assistants,” Prayuth told reporters after a meeting of a special economic task force. “I also drive the policy myself as head of the economic team.”
Predee Daochai quit on Tuesday after less than a month in office, due to what Prayuth said were health reasons.
The government announced measures on Wednesday worth 68.5 billion baht ($2.19 billion) to add jobs and spur consumption.
Prayuth said he saw no impact on confidence from Predee’s exit.
Experts say his departure could create uncertainty in policymaking and the government’s efforts in managing billions of dollars of stimulus to aid an economy that could shrink a record 8.5% this year.
“This may delay some matters we are waiting for,” said Vichit Prakobgosol, president of Association of Thai Travel Agents. “We want to have a new finance minister quickly so that the economy can move ahead”.
Business wants Prayuth’s multi-party government to prevent “internal politics” from affecting policies, said Supant Mongkolsuthree, chairman of The Federation of Thai Industries.
“If not, it will be difficult. Protests are another issue to monitor,” he said, referring to frequent anti-government demonstrations.
The baht extended losses with half a percent fall on Wednesday following Predee’s resignation, but the main stock index ended 0.8% higher.
“We hope they can get the right people as soon as possible,” said Stanley Kang, chairman of the Joint Foreign Chambers of Commerce in Thailand.
“This position cannot be vacant for a long time … this is a very challenging time”.
Prayuth urged the public to have faith in the government.
“I want everyone to be confident and I want to convey my message overseas. We are moving forward in all dimensions like before,” he said.
Thailand’s Policy rate, CPI and GDP https://fingfx.thomsonreuters.com/gfx/mkt/xlbpgbyeavq/Pasted%20image%201596691417799.png
(Additional reporting by Kitphong Thaichareon, Panu Wongcha-um and Satawasin Staporncharnchai; Editing by Martin Petty and Catherine Evans)
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