Abhisit warns borrowing plan may burden taxpayers later on

The government’s 400-billion-baht borrowing plan and Land Bridge megaproject could place long-term financial burdens on the public, says Abhisit Vejjajiva, leader of the opposition Democrat Party.

The government should listen more carefully to recommendations and consider measures that could be implemented without additional borrowing, such as lowering fuel prices, he said.

The government issued a decree authorising the Finance Ministry to borrow up to 400 billion baht by Sept 30, 2027, to address the economic and social impacts of rising global energy prices and the country’s energy transition.

A 200-billion-baht portion will be allocated to relief measures aimed at easing the burden on households, farmers and businesses affected by the energy crisis. The rest will fund long-term energy transition projects, including renewable energy development, electric vehicle promotion, EV charging infrastructure and workforce development for a low-carbon economy.

Mr Abhisit said the Energy Ministry should instead act on its promise to address unusually high refinery margins and revise the oil pricing reference system linked to Singapore. Maintaining the current structure and stabilising retail fuel prices through the Oil Fuel Fund would leave financial burdens with the public, he stressed.

“If the government doesn’t tackle the root cause, which is energy and fuel prices, it will eventually need to spend large amounts of money on short-term relief while creating long-term debt for future generations,” he said.

When asked about a proposal, Mr Abhisit said the matter is at the discretion of the House Speaker.