Govt Urged To Reveal Details Of BAAC Borrowing For Digital Wallet Scheme

[webfact]

 

THE GOVERNMENT WAS TODAY (Apr. 12) pressed to tell how long a sum of 172.3 billion baht in planned borrowing from the Bank for Agriculture & Agricultural Cooperatives (BAAC) to finance in part their 10,000-baht digital wallet project could be completely repaid.

 

Move Forward MP Sirikanya Tansakun said the Pheu Thai-led government is obliged to unveil to the public how many years the sought-after 172.3 billion baht funding from the government-run BAAC could be returned in full and how much interest per annum it may incur.

 

Sirikanya insisted members of the public be truthfully informed of BAAC’s currently untapped liquidity some of which could be finally provided as part of a 500 billion baht total needed to finance the government’s populist handout campaign whilst the government currently owes as much as 800 billion baht of borrowed money to BAAC.

 

Meanwhile, she said, it remains to be seen whether the Council of State, known as a legal adviser to government, will finally deem the government’s populist handout campaign eligible to borrow the BAAC money which is normally used in financial support of farmers.

 

By Thai Newsroom Reporters

Top: Move Forward MP Sirikanya Tansakul and a banner promoting the 10,000 baht digital wallet project. Photos: Matichon

 

Full story: THAI NEWSROOM 2024-04-13

 

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[hotchilli]

2 hours ago, webfact said:

THE GOVERNMENT WAS TODAY (Apr. 12) pressed to tell how long a sum of 172.3 billion baht in planned borrowing from the Bank for Agriculture & Agricultural Cooperatives (BAAC) to finance in part their 10,000-baht digital wallet project could be completely repaid.

I'm sure a cozy back room deal will be made.

[dinsdale]

3 hours ago, webfact said:

Meanwhile, she said, it remains to be seen whether the Council of State, known as a legal adviser to government, will finally deem the government’s populist handout campaign eligible to borrow the BAAC money which is normally used in financial support of farmers.

This money would go a long way to helping farmers with technology, processes and education to move away from burning. This would be money better spent.

[retarius]

Why don't the Government just issue a 500 billion baht long bond? Say 30 years. 

[brianthainess]

Poor old Thailand has gone broke, just admit it !  that's about 5.5 billion USD,

But I do know a man that, has that for loose change, from tax payers money.

 

[worgeordie]

4 hours ago, webfact said:

to finance in part their 10,000-baht digital wallet project could be completely repaid.

Will it ever , the Government already owes BAAC 800 Billion Baht , very long term repayment,

for short term gain , that's a populist policy ,

 

A few years ago the Government was boasting how much Foreign currency it was holding,

looks like someone has been down in the vaults to find them empty ...😲

 

regards worgeordie

[ozz1]

What about the fictional reserve they were talking about a few years ago probably long gone

[Gottfrid]

21 hours ago, brianthainess said:

Poor old Thailand has gone broke, just admit it !  that's about 5.5 billion USD,

But I do know a man that, has that for loose change, from tax payers money.

 

Loose change? I don´t know how you think here. Please elaborate. As I am aware the richest family in Thailand have about 35 billion USD. Are you suggesting that almost 14% of that amount would be loose change?

[brianthainess]

1 hour ago, Gottfrid said:

Loose change? I don´t know how you think here. Please elaborate. As I am aware the richest family in Thailand have about 35 billion USD. Are you suggesting that almost 14% of that amount would be loose change?

Last count was $43 billion, and then there are all the 'Assets'  1 years interest would easy cover 5 billion IMO. But you'd have to actually care about the populace to give that away, ......

[Gottfrid]

8 hours ago, brianthainess said:

Last count was $43 billion, and then there are all the 'Assets'  1 years interest would easy cover 5 billion IMO. But you'd have to actually care about the populace to give that away, ......

Do you see rich people in other countries doing that? So, just a poor shot on Thai people again.

[brianthainess]

36 minutes ago, Gottfrid said:

Do you see rich people in other countries doing that? So, just a poor shot on Thai people again.

This is about Thailand. What was the poor shot at the Thai people.

My 'shot' was at One Thai Man not any other.  

[georgegeorgia]

10 hours ago, brianthainess said:

This is about Thailand. What was the poor shot at the Thai people.

My 'shot' was at One Thai Man not any other.  

Shoot ya shot Brian !

As DIVINE used to sing ."shoot ya shot ! Shoot ya shot !

Who remembers DIVINE ??

[Gottfrid]

On 4/14/2024 at 5:36 PM, brianthainess said:

This is about Thailand. What was the poor shot at the Thai people.

My 'shot' was at One Thai Man not any other.  

Ok, why do you single out one? Is the other ones doing it already?

[brianthainess]

1 hour ago, Gottfrid said:

Ok, why do you single out one? Is the other ones doing it already?

Is English not your first language, you will not draw me into a lese majest reply.  can't understand what most others do.

[Gottfrid]

3 hours ago, brianthainess said:

Is English not your first language

Oh, just another one that thinks all people are Americans, Australians and Brits.

Never said you have to mention a name, did I?

[Dogmatix]

This is insane.  The government is taking a third from this year's budget, a third from next year's budget and borrowing a third from BAAC with no plan on how it will repay the loan.  The loan for Yingluck's corrupt rice pledging scheme 10 years ago has still not be fully repaid, as far as I know. 

 

The economy not in crisis as PM Srettha-Thaksin claims.  It just suffers from chronic structural problems due to long term mismanagement and failure to make it competitive by reforming education, investing in R&D and a lack of investment in worthwhile infrastructure (not land bridges).  

 

So after resorting to such ruinous means to fund the thing, what recourse will there be, if the economy enters another real crisis - another crippling loan from BAAC, allocations from future budgets after 2026?