By Panarat Thepgumpanat and Chayut Setboonsarng
Thailand's King Maha Vajiralongkorn has officially endorsed Prime Minister Paetongtarn Shinawatra's new cabinet, as revealed in the Royal Gazette. This new cabinet lineup includes 12 fresh faces out of the 36 total members, marking a significant change in the coalition government.
Paetongtarn, at the age of 38, emerged as Thailand's youngest premier following the unexpected removal of her predecessor Srettha Thavisin by a court decision. The Pheu Thai Party, a long-standing dominant force in Thai politics, continues to hold key positions in the cabinet, such as Finance Minister and Foreign Minister.
The composition of the new cabinet, with Pheu Thai Party securing 17 positions and coalition partners sharing the rest, signifies a shift in power dynamics within the government. Policy proposals, including adjustments to existing initiatives like cash transfers to citizens, are expected to be presented to parliament soon.
With the quick formation of the cabinet, stakeholders like Payong Srivanich, chairman of the Thai Bankers' Association, anticipate a smooth implementation of stimulus measures. The unity among the various parties in the government is seen as a positive sign for the economic outlook.
Overall, the endorsement of the new cabinet by King Vajiralongkorn and the subsequent policy moves could impact Thailand's economy and financial markets. Investors should keep a close watch on how these developments unfold and consider adjusting their portfolios accordingly.
($1=34.2100 baht)