Thailand’s parliament met for the first time after the May election, with King Maha Vajiralongkorn urging the newly-elected lawmakers to maintain integrity and accord top priority to national interests, setting the stage for a coalition of pro-democracy parties to form a new government.
(Bloomberg) — Thailand’s parliament met for the first time after the May election, with King Maha Vajiralongkorn urging the newly-elected lawmakers to maintain integrity and accord top priority to national interests, setting the stage for a coalition of pro-democracy parties to form a new government.
The monarch presided over the traditional opening ceremony of the 500-member House of Representatives at the parliament on Monday that was also attended by Queen Suthida, members of the military-appointed Senate and other dignitaries.
“How the nation will prosper depends on your intellect, capability and integrity as you perform your duties while holding the country’s and the people’s interests paramount,” King Vajiralongkorn said in a televised address.
The stage is now set for the first sitting of the lower chamber on Tuesday, where lawmakers are scheduled to elect the speaker and two deputies. Move Forward and Pheu Thai, the largest parties in the coalition, are holding last-minute talks to reach a consensus on the speaker’s post, ending weeks-long public wrangling over the issue.
The coalition, led by its prime ministerial candidate Pita Limjaroenrat, has scheduled a briefing at 7 p.m. local time to announce its pick for the speaker, who will set a date for the premier’s election. A joint sitting of the lower house and the 250-member Senate — stacked with allies of the pro-military royalist establishment — will then vote on Pita’s candidacy.
Although Pita’s coalition has the support of about 312 lawmakers, it’s still short of the 376 votes needed to ensure his win in a joint sitting. Investors are counting on the premier appointment to end a political impasse that has unnerved markets and prompted foreign funds to dump the nation’s stocks and bonds since the May 14 polls.
While Pita and his party have said they are confident of winning the premier vote, the support of the upper chamber remains in doubt with most of the senators opposing his bid as he has stuck to a campaign pledge to seek amendments to Article 112 of the criminal code. That law punishes criticism of the king and other top royals by up to 15 years in prison.
The 42-year-old Pita is also facing a probe by the election body that may lead to his disqualification.
Thailand’s benchmark stock index is the worst performer in Asia this year with foreign investors offloading a net $3.1 billion since the end of 2022, the most among Asia’s emerging markets. The baht is the second-biggest loser in Southeast Asia since the May vote.
Most businesses have temporarily frozen new investment decisions until clearer directions from the new government emerge and as exports remain weak, Kriengkrai Thiennukul, chairman of the the Federation of Thai Industries, said last month.
The May polls saw a defeat of military-backed, pro-royalist establishment in a country that has seen at least a dozen successful coups since 1932, when a revolution ended centuries of absolute monarchy. Prayuth Chan-Ocha, a former military chief has ruled Southeast Asia’s second largest economy since he seized power in a coup in 2014.
–With assistance from Pathom Sangwongwanich and Philip J. Heijmans.
(Recasts throughout.)
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