BANGKOK, Sept. 2 (Xinhua) -- Thailand's Senate approved a 3.78 trillion baht (116.73 billion U.S. dollars) budget for the fiscal year 2026 in its third and final reading on Tuesday.

The 200-member upper house of the Thai parliament passed the budget bill for fiscal year 2026 beginning in October with 151 votes in favor, one against, and 27 abstentions.

The planned spending projects a 0.7 percent increase from a year earlier, with a budget deficit of 860 billion baht (26.54 billion dollars) or 4.3 percent of the Southeast Asian country's gross domestic product.

Caretaker Deputy Prime Minister and Minister of Finance Pichai Chunhavajira extended his gratitude to the Senate for passing the crucial bill, saying the budget is a vital tool for implementing government policies, the national strategy, and various development plans.

"The government will oversee the spending to ensure it is transparent, verifiable, and achieves the set policy goals to move the country forward amid rapidly changing circumstances," Pichai told the parliament.

The bill sailed through the House of Representatives last month and now awaits royal endorsement before taking effect. ■