Senate approves Finance Ministry’s guarantee Oil Fuel Fund’s debt

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The Thai Senate gave the go ahead today (Monday) for the Finance Ministry to guarantee the 130 billion baht debt incurred by the Office of Oil Fuel Fund, as a result of the government’s policy of subsidising the price of cooking gas during COVID-19 pandemic.

 

Before the pandemic, the Office of Oil Fuel Fund had a reserve of 36 billion baht, which was used for the subsidy. The pandemic dragged on for about three years, however, while the global prices of imported cooking gas and oil increased steadily, resulting in the Fund running up a huge loss, with its reserve fund depleted and having to borrow more.

 

Senators debated this issue today before agreeing, by a majority, to endorse the Finance Ministry’s plan to guarantee the Fund’s debt.

 

Full Story: https://www.thaipbsworld.com/senate-approves-finance-ministrys-guarantee-oil-fuel-funds-debt/

 

-- © Copyright Thai PBS 2022-11-14

 

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