BANGKOK: Thailand expects its 2024 fiscal budget to be ready by the first quarter of next year, the head of the state planning agency told a business seminar on Wednesday. Thailand’s fiscal year begins in October.

The government had previously warned of a delay in the 3.35 trillion baht ($96.18 billion) budget, as the Southeast Asian country held elections last month and awaits the formation of a new government by August.

Danucha Pichayanan said the timing of the budget was based on the assumption “that the new government is ready by then”.

“Then there will be swift injections,” he said. Spending of about 1.8 trillion baht to 1.9 trillion baht is expected from state-owned enterprises and other government agencies over the next two quarters, Danucha added.

“The economy continues to recover due to domestic expansion and tourism,” he said, adding the country could exceed its target of 28 million foreign arrivals this year.

On Monday, the national poll body endorsed election results, clearing the way for parliament to open and lawmakers to choose a prime minister in July.

However, it is still unclear if the election-winning Move Forward party will be able to muster enough support to get its leader, Pita Limjaroenrat, into the prime minister’s office.

“If the government transition goes smoothly it will restore investor confidence,” Danucha said.