Govt posts Bt457.33 billion deficit for first 10 months

By The Nation

 

Lavaron Sangsnit

 

Thailand posted a deficit of Bt457.33 billion for the first ten months of this fiscal year (October 2018 to July 2019), said Director-General Lavaron Sangsnit of the Fiscal Policy Office on Wednesday.

 

Lavaron,  also spokesperson of  the Finance Ministry, added that the government recorded Bt2.129 trillion in revenue while budget disbursement amounted to Bt2.586 trillion for the same period. 

 

The government borrowed Bt322,978 million to cover the deficit incurred during the first ten months with treasury reserve declining to Bt484.55 billion as of  the end of July 2019.

 

Source: https://www.nationthailand.com/business/30375148

 

-- © Copyright The Nation Thailand 2019-08-21

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Looking at the picture, he doesn't look overly concerned......it's only 457.33 billion baht.

There's still swill in the trough. There's a new rice pledging scheme. Cool!

1 hour ago, PatOngo said:

Looking at the picture, he doesn't look overly concerned......it's only 457.33 billion baht.

There's still swill in the trough. There's a new rice pledging scheme. Cool!

He is like "no biggie, I've got like couple of billions savings in my bank account and not even feel rich... so Thailand big country, many many people like me (cause I don't know population of my own nation) times 2 billies equals a lot"

Borrowed from whom? That might not seem so much at the moment, but how much would it be when the exchange rate is corrected.

Yet in another article I read the Thai government has US$216 billion in foreign reserves.  Maybe drawing down on that would help them avoid paying interest to the un-named lender.

1 hour ago, jethro69 said:

Borrowed from whom? That might not seem so much at the moment, but how much would it be when the exchange rate is corrected.

From Norwegians pensjon fond, the last 5 year they borrowed close 250.000.000 millions Us Dollar. https://www.nbim.no/en/the-fund/holdings/holdings-as-at-31.12.2018/?fullsize=true

TAT needs to wake up and advertise to the Mongolians and Peruvians! They are running out of countries.

29 minutes ago, Grumpy John said:

Yet in another article I read the Thai government has US$216 billion in foreign reserves.  Maybe drawing down on that would help them avoid paying interest to the un-named lender.

But whose pocket is that destined for?  Hang the deficit on the people and divide the spoils.

38 minutes ago, Grumpy John said:

Yet in another article I read the Thai government has US$216 billion in foreign reserves.  Maybe drawing down on that would help them avoid paying interest to the un-named lender.

There is a reason they won't touch that!! 

They want the hot money and inflows to keep the baht strong

 

Meanwhile in ???????? .................................????????????

 

Nobody is going to try and attack the baht with that amount of reserves + they can manipulate it as much as they need to, to keep certain people happy!

Making the repayments shouldn't be be a problem with all the extra revenue coming in from the 04:00 opening hours.

1 hour ago, vinniekintana said:

Maybe that 216 billion doesn't exist

They are living in a fantasy world on many levels, so who knows?

All the 800k retirement bonds will help out ????yeah, farangs can pay the interest.

Alright! Now that publication is over, let's go buy more toys for the Military! More submarines? What you say Mr PM? All aboard the pig trough Gov't train. Bring your brother to Watch the proceedings with Timely affair.

4 hours ago, jethro69 said:

Borrowed from whom? That might not seem so much at the moment, but how much would it be when the exchange rate is corrected.

borrowed from domestic and international investors and governments.  the debt is issued in Thai Baht, so any change to the exchange rate won't matter as far as principal and interest are concerned.

2 hours ago, vinniekintana said:

Maybe that 216 billion doesn't exist

Probably the majority of it is in certain people's British Virgin Islands bank accounts !

https://forum.thaivisa.com/topic/1108703-govt-reveals-bt276bn-deficit/#comments

 

This was the article linked to the deficit report for the 8 months to May 2019. Interesting to note that most of the 'informed' comments are rather similar in content to those of the current article. Indeed this would also go for all previous articles which report on the 'deficit'.

The treasury report is, in effect, the current account where the balance varies dependent upon the inflows (taxes, which are cyclical and tend to spike in months 5 and 8 due to corporate tax payment deadlines ) and outflows (generally evenly spread over the fiscal year).

Unfortunately, this current report has had no impact on the baht exchange rate, despite those wishing otherwise.......

9 hours ago, jethro69 said:

Borrowed from whom? 

If you're on 800K in the bank retirement visa, you might want to check your balance.

One of the good things about the Thai economy post 1988 was that it had low borrowing and hence could recover from the catastrophe. That policy has remained in place and even though the junta appear to have spent recklessly stimulating the economy with new roads, trains etc they have not blown the deficits and borrowings out the window. 

Edited August 22, 20196 yr by Pedrogaz
fact checked