Finance chief Uttama vows stimulus to spur investment, reduce inequality

By The Nation

 

 

Finance Minister Uttama Savanayana has ordered state agencies to submit within three months precise action plans to improve the livelihoods of poor people while reducing economic inequality and accelerating public investment in order to cope with fluctuations in global economy.

 

At a meeting with Ministry of Finance officials, he said that all related departments must prepare the action plans in a way that contributes to government policies and is in accordance with the country’s 20-year strategic plan.

 

“Areas that we need to focus on include cashless payments, or an e-payment system, the promotion of community enterprises and local retailers, a reduction in socio-economic disparities, rural development amid a strengthening of the grassroots economy, improvements to social security via the welfare cards, and, especially, measures related to senior citizens and pregnant women and those with newborns,” he said.

 

The minister also insisted on increasing the country’s competitiveness and investment promotion via public-private partnerships (PPPs), especially in infrastructure and digital economy projects.

 

“Government agencies need to reform their digital capabilities, too,” he said. “We will focus on using Big Data to integrate information on the tax and finances of each citizen to streamline and optimise the tax collection process, ultimately hoping to provide a better service to the people,” he said.

 

“In the next three months all related agencies must have action plans ready to deploy. In the meantime, I will start visiting key departments to check on progress regularly.”

 

Source: https://www.nationthailand.com/news/30374122

 

-- © Copyright The Nation Thailand 2019-08-02

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In other words we will do anything to keep the baht at a high value to make us look good even when we are not . 

Blah blah blah.... Thailand 0.5...

7 minutes ago, webfact said:

streamline and optimise the tax collection process,

Trough filling plan has priority.

8 minutes ago, webfact said:

“In the next three months all related agencies must have action plans ready to deploy. In the meantime, I will start visiting key departments to check on progress regularly.”

I'll get back to you in three months then give these plans to Prayuth who will incorporate them into the trough filling strategic master 20 year plan!

19 minutes ago, webfact said:

Finance chief Uttama vows stimulus to spur investment, reduce inequality

Offering stimulus to reduce inequality means nothing more than making loans more readily available. I quote from Somkid's news report:

"Stimulus of financial measures and aid to workers, farmers and small business with bank loans".

https://www.thaiexaminer.com/thai-news-foreigners/2019/07/18/new-thai-government-economic-stimulus-minister-somkid-thailand-airports-drop-passengers/

 

He also noted that domestic car sales were down in June. The loans should change that around.

In the meantime household debt is going through the roof. 

 

https://www.reuters.com/article/us-thailand-economy-debt/as-debt-levels-rise-more-thais-struggle-to-keep-up-idUSKCN1LF0CQ

What exactly will those plans encompass? A pumped up Baht (thanks to hot money inflows), more water for Mekong (after bribing the upstream ChiComs). More Thailand 4.0 projects (aka ChiCom Belt & Road Initiatives). Greatly diminished tourism and exports (and resultant job losses) We have a lot to look forward to...

We must focus on big data and bigger troughs so more officials can get their nose in.

Post in bold caps removed also reply

21 hours ago, webfact said:

In the meantime, I will start 

...buying more property abroad 

They've had the past five years already, totally unfettered by any pretense of a legislative government, to do whatever they were going to do to supposedly reduce the gaping and widening income inequality in this country?

 

And what progress have they actually made toward that goal in the past five years? Probably absolutely none, and the gap if anything has probably grown wider.

 

So what exactly are they thinking they're going to do now, with a barely functioning divided government nominally run by the same blokes who've been in power the past five years?

 

How do you "Improve the livelihood of poor people"? By "using Big Data to integrate information on the tax and finances of each citizen to streamline and optimise the tax collection process".