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Zero-based budgeting can’t tide over challenge of increasing revenue

Zero-based budgeting can’t tide over challenge of increasing revenue

13 Sept 10:40 Key points summarised by AI
  • The Move Forward Party (MFP) proposes Zero-Based Budgeting (ZBB) to replace traditional methods, aiming to address public needs and cut bureaucratic red-tape by requiring annual budgets to start from zero.
  • Thailand's Budget Bureau clarifies that ZBB concepts are already integrated into the current strategic performance-based budgeting, which involves reviewing, redeploying, and replacing investment projects based on national strategies.
  • Implementing a new ZBB framework could significantly delay the fiscal year 2024 budget, potentially pushing its approval until March next year, impacting government operations.
  • The article concludes that the budgeting method is a minor concern compared to the new government's larger challenge of raising sufficient revenue to finance its ambitious welfare and investment promises amidst economic difficulties.
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