Jump to content

Cautious steps towards reviving the economy


Recommended Posts

Posted

Cautious steps towards reviving the economy

By The Nation

 

800_48503ea7d028a37.jpg?v=1587476977

 

After a Cabinet meeting on Tuesday (April 21), Prime Minister Prayut Chan-o-cha said that though there are fewer new Covid-19 infections, the authorities need to be very cautious with the steps they take. He added that he will not be pressured into anything, but will consider every fact thoroughly before making a decision otherwise all the good work done so far will be lost.

 

As for the lifting of the state of emergency, he said it will be considered next Tuesday and the decision will be based on updates provided by the Public Health Ministry.

 

Prayut also referred to the three decrees issued to solve the crisis, which allow the Finance Ministry to borrow money to restore the economy, the central bank to work with the ministry to maintain the country’s liquidity by raising Bt400 billion through bonds, and helping small businesses with soft loans under a Bt500-billion fund allocated for the purpose.

 

Ratchada Thanadirek, deputy government spokesperson, said the Cabinet approved a draft proposed by the Prime Minister’s Office authorising the Finance Ministry to take loans to ease the country’s economic problems.

 

The draft is divided into six sections, namely:

 

1. Defining the responsibility of each relevant agency:

a. The Budget Bureau tasked with allocating the loan based on the limit approved by the Cabinet and specifying the relevant rules and practices;

b. The Comptroller General's Department accepting loans on behalf of the Finance Ministry and creating an accounting system, a loan-disbursement system, as well as setting relevant criteria or practices;

c. The Office of Public Debt Management procuring and depositing the loans, establishing a cash-management system and reporting on the loan’s status, including setting criteria or related practices.

 

2. Consideration and approval based on specifications of the project loans are being sought for:

a. If the project’s objectives are in line with those specified in the decree;

b. If the project is urgent enough and has not been allocated sufficient funds;

c. If the project can be implemented immediately after gaining Cabinet approval;

d. If the project is worthwhile and provides economic or social benefits in line with objectives specified in the decree;

e. Other characteristics as specified by the board

 

3. How the projects will be implemented, how funds will be allocated, supplies will be disbursed and steps that will be taken if details are transferred or changed, including operation guidelines once the project has been completed.

 

4. The Public Debt Service Office will deposit the funds borrowed by the ministry in an account called “Loan based on the Emergency Decree to Solve Problems of Covid-19” and specify all disbursements made in line with rules and regulations prescribed by the Finance Ministry.

 

5. The use of the funds will be monitored and evaluated to see if it is in line with the rules and regulations prescribed by the Finance Ministry.

 

6. Funds can be reserved for projects awaiting Cabinet approval.

 

Source: https://www.nationthailand.com/news/30386504

 

nation.jpg

-- © Copyright The Nation Thailand 2020-04-22
 
Posted

"The Comptroller General's Department accepting loans on behalf of the Finance Ministry and creating an accounting system, a loan-disbursement system, as well as setting relevant criteria or practices" ????

 

Well, that'll no doubt be a first - the Comptroller General's Department creating an accounting system. Time to put away that pesky old abacus that never seems to balance the numbers properly?  Nah, that's too much to ask for.

 

On your marks - get set - snout's in the trough!

  • Haha 2
Posted
3 hours ago, webfact said:

He added that he will not be pressured into anything

Love that total control!

  • Haha 1
Posted

A post using a link to an unapproved YouTube source has been removed:

 

18) Social Media content is not to be used as source material unless it is from a recognized or approved news media source, the source of any such material (Twitter, Facebook etc.) should always be shown.

Posted (edited)

Today Moody's took a cautious step also.  They downgraded Thailand's debt from "Positive" to "Stable" and gave them a grade of Baa.  

A small step, but could help reduce the onslaught of emerging market bound funds from wealthy international investors and traders.  Instead of Thailand in lowest risk pool, they will move down a notch.  Let's see if this good news helps to sink the Baht.

https://www.moodys.com/research/Moodys-changes-Thailands-rating-outlook-to-stable-from-positive-affirms--PR_422559?cid=HFGG75LYEO30&yptr=yahoo

Edited by Isaan sailor
Posted
1 hour ago, Isaan sailor said:

Today Moody's took a cautious step also.  They downgraded Thailand's debt from "Positive" to "Stable" and gave them a grade of Baa.  

A small step, but could help reduce the onslaught of emerging market bound funds from wealthy international investors and traders.  Instead of Thailand in lowest risk pool, they will move down a notch.  Let's see if this good news helps to sink the Baht.

https://www.moodys.com/research/Moodys-changes-Thailands-rating-outlook-to-stable-from-positive-affirms--PR_422559?cid=HFGG75LYEO30&yptr=yahoo

If I read that correctly (your link) then it appears to me that they only changed the narrative from Positive to Stable and the rating stayed the same? if so then I doubt it will have much impact.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.


  • Topics

  • Latest posts...

    1. 32

      THIS is how Farang keep SUPER-CLEAN in Thailand: Being Farang, I use "SuperClean".

    2. 10

      Thailand Live Saturday 16 November 2024

    3. 6

      Thailand Looks to Bolster Suvarnabhumi Airport as Southeast Asia's Top Transit Hub

    4. 0

      Brutal Murder in Bueng Kan: 43-Year-Old Man Found Stabbed in Rice Field

    5. 32

      THIS is how Farang keep SUPER-CLEAN in Thailand: Being Farang, I use "SuperClean".

    6. 0

      Police arrest Sisaket man for firearms and drugs possession

    7. 78

      Official: Trump Nominates RFK Jr. for Health Secretary

    8. 159

      Thailand goes all in on The Homosexual Movement

  • Popular in The Pub


×
×
  • Create New...