Thailand's Senate on Tuesday approved a delayed 3.48 trillion baht ($95.7 billion) budget bill for the 2024 fiscal year, aimed at reviving sluggish growth in Southeast Asia's second-largest economy.

The 2024 budget for the fiscal year ending September aims for a 9.3% rise in spending and a drop of 0.3% in the budget deficit to 693 billion baht from the previous year. Parliament passed the bill last week and it needs royal approval before taking effect.

It was delayed from the original start date of Oct. 1, 2023 due to prolonged political gridlock following a May election. ($1 = 36.36 baht) (Reporting by Panarat Thepgumpanat; Writing by Orathai Sriring; Editing by Martin Petty)