Prayut takes the helm of economic team

By NAKARIN SRILERT 
THE NATION

 

 

Planning to start work next week, the council of economic ministers will put forward a short-term economic stimulus package.

 

“We agree to a council of economic ministers chaired by the Prime Minister and it is a consensus among deputy prime ministers to work together to screen and put forward economic policies,” Prime Minister General Prayut Chan-o-cha said after the first Cabinet meeting yesterday.

 

He said the council will address the issue of policy coordination since different deputy prime ministers oversee different ministries, the problems of policy coordination may occur .

 

He said the Finance Ministry is currently considering a short-term economic stimulus package, aimed at boosting domestic consumption, tourism, accelerating budget disbursement by state agencies and state-owned enterprises.

 

The package will fall in line with government outlays for fiscal 2020, focusing on accelerating public investment in both large and small projects. Public spending will also come under a five-year plan, which will be submitted for Cabinet approval shortly.

 

Government spokesperson Naruemon Pinyasinwan said the council of economic ministers will be chaired by Prime Minister Prayut with three Deputy Prime Ministers - Somkid Jatusripitak, Jurin Laksanawisit and Anutin Charnvirakul acting as vice chairmen.

 

Ministers from 11 ministries would serve as committee members including Finance Minister Uttama Savanayana, Transport Minister Saksayam Chidchob and Energy Minister Sontirat Sontijirawong.

 

Assigned by the Cabinet, the council of economic ministers have the authorities to screen policies concerning economic affairs such as trade, investment, tax, fiscal, tourism, logistics and energy, agriculture, education and technology, she said.

 

It also has the authority to make policy recommendations for the Cabinet approval. It could invite ministers, state officials or other committee to provide information.

 

Sontirat said the council will be a key mechanism for the coalition government working on economic issues. It plans to hold the first meeting next Monday. The council of economic ministers was initiated in 1980s during the tenure of the late Prime Minister Prem Tinsulanonda.

 

Meanwhile, Dechapiwat Na Songkhla , director of Budget Bureau said the Finance Ministry, Bank of Thailand, National Economic and Social Development Council and Budget Bureau will meet on August 2 to discuss the framework of the budget for FY2020. The total expenditures is estimated at Bt3.2 trillion with a deficit of Bt450 billion.

 

The draft budget bill will be submitted to the Cabinet for approval on August 6. The government plans to continue to run a budget deficit as it wants to boost infrastructure investment, stimulate local consumption amid the ongoing slide in exports . 

 

Many research houses have downgraded their economic growth projection from around 4 per cent to 3 per cent this year.

 

Source: https://www.nationthailand.com/business/30373925

 

-- © Copyright The Nation Thailand 2019-07-31

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45 minutes ago, webfact said:

Planning to start work next week, the council of economic ministers will put forward a short-term economic stimulus package.

not really comforting

 

time for an ART44

" Helm" more like the handlebars of a rusty bicycle, where was this Helmsman last year and the year before?...

The dream team

The minister of everything.

58 minutes ago, smedly said:

not really comforting

 

time for an ART44

Time for another coup.

Did he promise to run or ruin the country?

Just more nonsense from the man hell bent on destroying the country.

I will control everything, because i am a control freak.

2 hours ago, webfact said:

it is a consensus among deputy prime ministers to work together to screen and put forward economic policies,” Prime Minister General Prayut Chan-o-cha said

deep thinking; more contentless BS

57 minutes ago, thirdleg said:

The dream team

The Wet Dream Team more like ????

This man needs a GF.

2 hours ago, webfact said:

Prayut takes the helm of economic team

The man with absolutely no economic or career qualifications takes charge of the economic team who's primary objective is to grow the wealth of the elite and big business.

The only economics Thai politicians understand is how to count the money in the envelopes.

NB: Please swallow what you have in your mouth before viewing photo of new economic leader.

 

6 minutes ago, mok199 said:

This man needs a GF.

He's got plenty who are happy to bend over for him already

Just now, Cadbury said:

The man with absolutely no economic or career qualifications takes charge of the economic team who's primary objective is to grow the wealth of the elite and big business.

The only economics Thai politicians understand is how to count the money in the envelopes.

NB: Please swallow what you have in your mouth before viewing photo of new economic leader.

 

There's a reason why nearly every country in the world is not run by the military....... because they are crap at it.

 

Hate to think what Thailand's real financial position is if you add back all the 'off book' stuff

This is the best news for tourists and expats. Finally the right man for the job to make sure baht crashes along with entire Thai economy . 

11 minutes ago, BestB said:

This is the best news for tourists and expats. Finally the right man for the job to make sure baht crashes along with entire Thai economy . 

He'll just keep borrowing from the Chinese and hiding the figures.

 

Could take a while before it all goes pop.

 

Can't imagine any proper audits take place while he is at the helm

1 hour ago, ezzra said:

" Helm" more like the handlebars of a rusty bicycle, where was this Helmsman last year and the year before?...

Studying the road-map. Then he spilt coffee on it and it got a bit soggy.

1 hour ago, FarFlungFalang said:

The minister of everything.

He is becoming a Rocket Man Kim , by the end of the week he will be in charge of everything. Does that mean we are back to same same before the election?

So the mismanagement from the last 5 years starts to show and the man who has no clue how to run a country having zero qualifications is now PM, defense minister, in charge of police and now “at the helm” of an “economic team” having neither a degree nor any educational background at all or even the slightest idea about finances and economics!!??

With “local stimulus boosting domestic consumption “ they mean more handouts after wasting billions and billions over the last 5 years that start to make the previous governments rice scheme look like pocket change.
If it would not be so serious it is almost funny to watch these incompetent amateurs who have no idea of how to run a country constantly making fools of themselves.


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At the helm of a sinking ship; SS Praytannic.

Prayut takes the helm of economic team

 

2 hours ago, thirdleg said:

The dream team

So when does the Baht collapse ?

A jack of all trades and master of none.  If he opened of the country like it was during the Shinawatras days, things would good for the common folk but not so good for the inbred elite.

A helmet at the helm when's the election ????

Whoa! Very good news for all of us here in the Kingdom of Thailand. The right person for the job is finally here to clear all of our doubts.  Let's watch and see.

2 hours ago, thirdleg said:

There's a reason why nearly every country in the world is not run by the military....... because they are crap at it.

 

Hate to think what Thailand's real financial position is if you add back all the 'off book' stuff

One measure of the health of the economy and confidence in the economy is confidence in the currency. If you are right, why is the baht so high?

1 hour ago, mikebell said:

At the helm of a sinking ship; SS Praytannic.

Wait till you see him at the helm of a Chinese submarine! Surely no one else can be trusted to captain one!

45 minutes ago, soalbundy said:

So when does the Baht collapse ?

I think they keep 2 billion in foreign reserves just in case somebody finds out the real situation.

 

Look at the banks all over the world able to hide toxic assets by not mark to marketing their assets.

It can't last forever and the next time could be terminal for world finances

So nothing changes. 

4 hours ago, webfact said:

Prayut takes the helm of economic team

This is rightfully a demotion for DPM Somkid who for five years delivered Prayut's failed economic policies other than to restore the GDP growth rate back to 2012 and increase income inequality to one of the highest levels in the world.  He should be replaced, but then so should have Prayut.