Outgoing govt plans Bt20 bn stimulus amid slowdown signs

By Wichit Chaitrong 
The Nation

 

 

The government is planning to inject Bt20 billion into the economy amid signs of economic slowdown and political uncertainty after last month’s election.

 

The government needs to shore up the economy over the next few months as economic indicators suggested an economic slowdown, Deputy Prime Minister Somkid Jatusripitak said on Friday, after meeting with senior officials at the Finance Ministry.

 

He defended the outgoing government taking the action after the recent election, arguing that the money is not going to a large project and that it was necessary to shore up the economy before the next government takes office.

 

The stimulus package will be designed to boost consumption and tourism, while creating incentives for residential loans and supporting lower income people who hold state welfare cards, Somkid said. The package is expected to be sent for the Cabinet approval within two weeks, he added.

 

Meanwhile, Finance Minister Apisak Tantivorawong affirmed the Bt20 billion package. To boost consumption, consumers would get a tax reduction for spending on educational materials, domestic travel and for low-income people to purchase homes, he said. The tax reduction would be about 1.5 to two times the actual spending, he added.

 

Source: http://www.nationmultimedia.com/detail/breakingnews/30367973

 

-- © Copyright The Nation 2019-04-19

13 minutes ago, snoop1130 said:

He defended the outgoing government taking the action after the recent election, arguing that the money is not going to a large project and that it was necessary to shore up the economy before the next government takes office.

face it, spending someone else's money Is Fun !

There is no government. They can not do this. Any deals signed should be known as not secure.

There has not been a proper government for some time.

A coup happened to create the conditions for a quick and fair election which was never held. Laws and deals made during this time should not be held valid.

i would question OUTGOING

43 minutes ago, greeneking said:

There is no government. They can not do this. Any deals signed should be known as not secure.

There has not been a proper government for some time.

A coup happened to create the conditions for a quick and fair election which was never held. Laws and deals made during this time should not be held valid.

One of the best posts I've seen in months (above).

Yes! According to all logic and all ethics, every single 'law', edict, dictat, injunction or proclamation issued by an illicit government (under international law) is de facto invalid, inapplicable, null and void.

But of course Thailand's government is absolutely legitimate, morally and ethically spotless - so none of the above strictures apply to it ...

 

Edited April 19, 20197 yr by Eligius

The self elected government is still around. Democracy is dead. Just accept it.

11 minutes ago, shady86 said:

The self elected government is still around. Democracy is dead. Just accept it.

'Democracy is dead. Just accept it'.

That is precisely what the Thais en masse ARE doing - and have done for the past five years!

(And please don't say that they have just participated in an election: every person with more than two brain cells to rub together urged a boycott of THIS faux-election months ago - and now surely everyone can see why!).

 

Edited April 19, 20197 yr by Eligius

Tourism going up

 

Exports going up

 

Domestic consumption going up

 

That's what I noticed from the news the past months/years. Now suddenly there is slowdown big enough for "stimulus"?

An interesting turn of phrase 'outgoing government' have they admitted defeat at last ?? I sincerely hope so and wish that they would give up with the pathetic witch hunts of all their opponents.

12 hours ago, snoop1130 said:

 

The government is planning to inject Bt20 billion into the economy amid signs of economic slowdown and political uncertainty after last month’s election.

 

The government needs to shore up the economy over the next few months as economic indicators suggested an economic slowdown, Deputy Prime Minister Somkid Jatusripitak said on Friday, after meeting with senior officials at the Finance Ministry.

 

Oh oh, there must be a rerun of the election coming.

8 hours ago, Golden Triangle said:

An interesting turn of phrase 'outgoing government' have they admitted defeat at last ?? I sincerely hope so and wish that they would give up with the pathetic witch hunts of all their opponents.

No, I think it is proof (were it needed!) that the outgoing government will be the incoming government. The appointed senate will ensure that...

Basically locking up all the money so it can't be used for whatever happens if the change of leadership happens. But it won't! Old political trick.

In other countries this is called a severance package: you serve/milk your country for five years and on the way out you skim the stimulus money to ensure a comfortable retirement.

1 hour ago, JAG said:

No, I think it is proof (were it needed!) that the outgoing government will be the incoming government. The appointed senate will ensure that...

Hence, a need to top up the trough!

2 hours ago, JAG said:

No, I think it is proof (were it needed!) that the outgoing government will be the incoming government. The appointed senate will ensure that...

Say hello to the new boss ,same as the old boss.

Again this junta government is disregarding the constitutional policies of a caretaker government. Caretaker government can’t transfer money from the central budget to pay for projects not deemed as emergency. Taking the example of previous caretaker government which was hamstrung by limited spending in paying the rice farmers. Somkid seem doing a terrible job and a misnomer to refer him as the economic czar. 

A change in mindset plus attitudes should be considered. 

 

The other day I attempted to check-in at a hotel in BBK, but the Thai receptionist was not welcoming, hospitable and was very rude, looking me up and down as thought I were a piece of dog sxxt. Because of her bad attitude, I decided to go elsewhere. 

 

My point is this, attitudes should change toward foreigners, who to a greater part, contribute to most Thais income plus welfare. 

 

It is no wonder tourists plus expats are starting to show signs of not wanting to stay or visit Thailand. 

 

More respect and politeness toward farang should be far greater. 

 

 

26 minutes ago, Eric Loh said:

Caretaker government can’t transfer money from the central budget to pay for projects not deemed as emergency

It's worse.

A caretaker government can't obligate the next government with new debt!

That's why PM Yingluck caretaker government was unable to borrow funds (ie., from BAAC) to immediately pay off rice farmers for the government's rice pledge program (even though there was no legal obligation to do so until rice was actually sold).

When Prayut took control of the government, he ordered BAAC under NCPO's absolute powers to loan the government those funds over a 7-10 year period and pay the farmers. The irony is that Prayut then blamed Yingluck for the debt he created that became the basis for a criminal charge.

A change in mindset plus attitudes should be considered. 
 
The other day I attempted to check-in at a hotel in BBK, but the Thai receptionist was not welcoming, hospitable and was very rude, looking me up and down as thought I were a piece of dog sxxt. Because of her bad attitude, I decided to go elsewhere. 
 
My point is this, attitudes should change toward foreigners, who to a greater part, contribute to most Thais income plus welfare. 
 
It is no wonder tourists plus expats are starting to show signs of not wanting to stay or visit Thailand. 
 
More respect and politeness toward farang should be far greater. 
 
 

Dont expect that from a race who thinks they are "superior" to the rest of the world. Honestly, I don't know why tourists would want to visit here, they are much more better places elsewhere.

16 hours ago, snoop1130 said:

The stimulus package will be designed to boost consumption and tourism

Not according to Finance Minister Apisak Tantivorawong (2019-04-07):

• He said it did not surprise him because the government had been aware of the impact of political uncertainty so the government accelerated public investment in infrastructure projects in order to shore up economy during political transition.   http://www.nationmultimedia.com/detail/breakingnews/30367258

It's about boosting and protecting Prayut's political aspirations to become the next elected PM.

3 hours ago, Chang_paarp said:

Oh oh, there must be a rerun of the election coming.

Or maybe a decision is coming and this GREAT GIVE AWAY is designed to soften the blow of an unpopular decision.

Spend more money to create more personal debt ????

The world is drowning in debt, and governments want to create more and more 

Another toxic plan in order for a temporary reprieve 

"Outgoing" my backside. Who comes up with this nonsense?

All those THB 800,000's tied up in the bank for months will finance that.