Thai People's Party official: have not yet decided on backing any party for next coalition govt

Thai People's Party official: have not yet decided on backing any party for next coalition govt

Following the Constitutional Court's ruling that removed Prime Minister Paetongtharn Shinawatra from office, Thailand is in the midst of forming a new government. The Bhumjaithai Party is reportedly working to secure enough support to nominate its leader, Anutin Charnvirakul, for prime minister. The People's Party (PP) is set to support Anutin in the prime ministerial vote but will not accept any ministerial positions in the new cabinet [1].

The coalition deal is contingent on a clear Memorandum of Understanding (MOU) with the People's Party. The MOU stipulates that the new prime minister must dissolve parliament and hold a new general election within a specific timeframe while simultaneously pushing for constitutional amendments [1]. The combined votes of the prospective coalition are estimated to be 239, with the opposition parties currently supporting the new government believed to be the People's Party with 143 seats, Bhumjaithai with 69 seats, Palang Pracharath with 20 seats, Thai Sang Thai with 6 seats, and the Fair Party with 1 seat [1]. To secure a simple majority and vote for a new prime minister, the coalition needs 247 votes, meaning it currently requires an additional eight seats to succeed [1].

The People's Party, which succeeded the Move Forward party in the 2023 election, has said its backing will be conditional on parliament being dissolved for fresh elections within four months [2]. This condition is a significant hurdle for any prospective coalition, as it could lead to further political turmoil and uncertainty.

While the Bhumjaithai Party is actively courting the support of the People's Party, the latter has not yet decided on backing any party for the next coalition government. The People's Party leader, Natthaphong Ruengpanyawut, stated that his party would not be voting for the best prime minister to serve the people but rather for a prime minister who would dissolve the house [2]. This stance reflects the People's Party's commitment to pushing for constitutional amendments and fresh elections.

The political turmoil in Thailand is likely to have implications for the country's economic stability and investor confidence. The uncertainty surrounding the formation of a new government and the potential for further political turmoil could lead to market volatility and impact foreign direct investment (FDI) flows. Investors and financial professionals should closely monitor the situation and adjust their strategies accordingly.

References:
[1] https://www.nationthailand.com/news/politics/40054707
[2] https://www.arabnews.com/node/2613709/world