Cabinet Approves Bt115 Billion Add-on Budget For 18 Projects

[george]

Cabinet approves Bt115 billion add-on budget for 18 projects

BANGKOK: -- In an effort to jump-start the Thai economy, now being impacted by the global economic meltdown, the Cabinet Tuesday approved a Bt115 billion supplementary budget to finance 18 projects to alleviate hardships of the poor and promote tourism.

Details of the Bt116 billion supplementary budget, up from Bt100 billion earlier, will be given to the Cabinet for consideration on January 20 regarding "finer details" and then be forwarded to Parliament for its approval on January 28, Budget Bureau director Banthoon Supakwanich said Tuesday.

In the tourism industry -- Thailand's largest foreign exchanger earner in the service sector, the supplementary budget will be spent to improve 18 tourist destinations nationwide and help about 160,000 tourism personnel.

It is expected that the government's disbursement of the Bt115 billion will start in March as the coalition government of Prime Minister Abhisit Vejjajiva along with the Bank of Thailand (BoT) are confident that the supplementary budget could help Thailand's economy to grow 2.5 per cent this year.

Earlier, the BoT projected that growth this year would be between 0.5-2.5 per cent.

-- TNA 2009-01-13

[george]

Cabinet approves stimulus measures

BANGKOK: -- The Cabinet on Tuesday approved the expansionary budget of Bt115 billion and Prime Minister Abhisit Vejjajiva said the amount could be slightly lower or higher than that.

Among the main measures, the government will spend Bt19 billion to help members of the Social Security Fund, Bt9 billion to increase the elderly allowances, Bt11 billion to finance energy-related policies, and Bt6.9 billion to aid unemployment.

Abhisit said that the allocation was based on the idea that the fastest and most effective way to boost the economy is through increasing consumers' purchasing power. He cited that the decision was based on the analysis and researches of stimulus measures launched by other countries across the world. He noted that as purchasing power rises, it would lead to higher spending and this would help the industrial and agricultural sector.

-- The Nation 2009-01-13

[oceano]

Cabinet approves stimulus measures

BANGKOK: -- The Cabinet on Tuesday approved the expansionary budget of Bt115 billion and Prime Minister Abhisit Vejjajiva said the amount could be slightly lower or higher than that.

Among the main measures, the government will spend Bt19 billion to help members of the Social Security Fund, Bt9 billion to increase the elderly allowances, Bt11 billion to finance energy-related policies, and Bt6.9 billion to aid unemployment.

Abhisit said that the allocation was based on the idea that the fastest and most effective way to boost the economy is through increasing consumers' purchasing power. He cited that the decision was based on the analysis and researches of stimulus measures launched by other countries across the world. He noted that as purchasing power rises, it would lead to higher spending and this would help the industrial and agricultural sector.

-- The Nation 2009-01-13

its time!!! never be a sex tourism country but family and rich tourism country.

Wow we can change pattaya from sex stile city, close all bar and gogo, send back all lady in issan and make a big and beatifull beach and nice resort hua hin style!!

We are lucky.

tks so much

also the thai people that have 5.000 bath per month are happy...now they can spend more.

[southerndown]

Cabinet approves stimulus measures

BANGKOK: -- The Cabinet on Tuesday approved the expansionary budget of Bt115 billion and Prime Minister Abhisit Vejjajiva said the amount could be slightly lower or higher than that.

Among the main measures, the government will spend Bt19 billion to help members of the Social Security Fund, Bt9 billion to increase the elderly allowances, Bt11 billion to finance energy-related policies, and Bt6.9 billion to aid unemployment.

Abhisit said that the allocation was based on the idea that the fastest and most effective way to boost the economy is through increasing consumers' purchasing power. He cited that the decision was based on the analysis and researches of stimulus measures launched by other countries across the world. He noted that as purchasing power rises, it would lead to higher spending and this would help the industrial and agricultural sector.

-- The Nation 2009-01-13

its time!!! never be a sex tourism country but family and rich tourism country.

Wow we can change pattaya from sex stile city, close all bar and gogo, send back all lady in issan and make a big and beatifull beach and nice resort hua hin style!!

We are lucky.

tks so much

also the thai people that have 5.000 bath per month are happy...now they can spend more.

excellent thoughtful and true reply. nice to see people on tv that know the ropes here and are not totally naive.

[Jai Dee]

Thailand passes Bt116-billion economic stimulus package

A Bt116-billion (US$3.33 billion) economic stimulus and social-welfare package that sailed through Cabinet yesterday is the first in a series of funding boosts expected to total Bt300 billion this year.

This first package of 17 projects aims to prevent the economy from worsening further, especially in the second quarter, so it would be implemented quickly, said Korbsak Sabhavasu, deputy premier in charge of economic affairs.

The package includes a monthly living allowance of Bt2,000 a person for about 9 million low-income earners nationwide, school subsidies, promotion of rural small enterprises, plus free electricity and tap-water for small households, among others.

Korbsak told The Nation in an interview that low-income earners should see the money should reach low-income earners, including those with a monthly salary of Bt14,000 or less, around April, with checks sent by mail to eligible members of the Social Security Fund and the civil servants.

In regard to school subsidies, he said parents would save on tuition fees, uniforms and textbooks starting from May 1.

Overall, the package is intended to boost consumption as other engines of economic growth slow due to domestic and external factors, especially the global economic crisis, which has hit export earnings.

Korbsak said the stimulus package should add a full percentage point to a Bank of Thailand forecast of zero to 2.5-per-cent growth in this year's gross domestic product.

The government is also considering borrowing funds from international institutions like the World Bank and Asian Development Bank to finance its stimulus programmes.

The business and industrial sectors yesterday gave a mixed response to the package, with Thai Chamber of Commerce vice chairman Dusit Nontanakorn hailing it as a good move to boost the economy.

However, Federation of Thai Industries vice chairman Tanit Sorat said the government should also initiate longer-term policies to develop workers' skills, because a quick spending programme like this one would just "go down the drain".

Chulalongkorn University economist Sompop Manarungsan said he doubted whether the stimulus package would really work as envisioned by the government. For example, he did not agree with handing out cash to low-income earners, because he felt it wouldn't be productive.

"Handouts do not guarantee that receivers will re-inject the money into the economy," he said.

Sompop also suggested the government help workers find new jobs so they can better survive under the new economic conditions, rather than have them simply hold onto their existing ones.

In addition to this first Bt116-billion package, Korbsak said another one to boost the real-estate sector was under consideration, with plans to double the annual tax deduction from Bt100,000 to Bt200,000 for new-home purchases.

There would also be a mortgage-insurance scheme to help low-income earners buy houses with low deposits.

Meanwhile, Budget Bureau chief Banthoon Supakvanich said the 17 stimulus and social-welfare projects were approved yesterday as part of the mid-fiscal-year supplementary budget to be submitted to Parliament on January 28.

Other projects include Bt9 billion for senior citizens aged 60 and above, Bt6.9 billion for retraining unemployed workers, Bt3 billion for community-based public-health workers and Bt15 billion for community-based enterprises.

The government will also offer Bt500 million in soft loans to tourism and service businesses.

Source: Asia News Network - 14 January 2009

[Jai Dee]

Thailand Market May Rise On Stimulus

The Thai stock market has finished lower now in five of the previous six sessions, losing more than 42 points or 9 percent along the way. The Stock Exchange of Thailand crashed through support at 450 points, but now analysts suggest that the market could begin a modest recovery when it kicks off trade on Wednesday after the Thai government approved a 115-billion-baht economic stimulus plan that will go into effect in March.

The global forecast for the Asian markets is mixed with a touch of downside, thanks to lingering weakness in the world's largest economy and disappointing quarterly corporate earnings reports. That was tempered by a hint of optimism from the U.S. Federal Reserve, as the European and American stock markets finished in contradictory fashion - and the Asian bourses are forecast to follow that lead.

The SET finished sharply lower on Tuesday, thanks to continued weakness among the energy stocks. For the day, the index plummeted 18.99 points or 4.19 percent to close at 433.81. Volume was 3.377 billion shares worth 12.905 billion baht.

Among the decliners, Energy giant PTT was down 7.1 percent, while PTT Exploration and Production lost 7.4 percent, Thai Oil fell 5.9 percent, builder Ch Karnchang shed 4.3 percent, Italian Thai lost 16.9 percent and Sino-Thai Engineering shed 14.9 percent.

In economic news, the central bank of Thailand will on Wednesday announce its decision on interest rates. The central bank is expected to lower the interest rate by 50 basis points from the current 2.75 percent to 2.25 percent.

Source: Nasdaq - 14 January 2009

[Jai Dee]

Cabinet endorses 115 billion baht mid fiscal year budget

The Cabinet approved plans to rehabilitate local economy and 115 billion baht 2009 mid fiscal year budget which were preliminary endorsed by the Council of Economic Ministers on January 7. The measures were expected to be implemented in March.

The approved budget increased from 110 billion baht of the previous Mr. Somchai Wongsawat government’s earlier initiated budget, while it was less than proposal of Minister of Finance, Mr. Korn Chatikavanij, who sought 120 billion baht budget.

Prime Minister Mr. Abhisit Vejjajiva disclosed after Cabinet’s meeting on Tuesday (January 13) that mapping out of the measures and budget were based on principle of the targets of fast economic recovery, getting to the points of tackling economic problems, and the most effective means to increase money to more than 10 million general public’s pockets.

The measures, he said, were based on analyses and researches of global economic stimulation, especially the US’, which indicated that distribution of cash directly to people was the best mean to turning around economy as it would result in their increased spending.

It could be more effectively help shoring up such sectors as industries and agriculture, businesses generally and entrepreneurs than implementing indirect assistance, including through helping production process or implementing large projects which would be more time consuming, especially in term of resolving employment problem.

The endorsed budget and measures were as follows:

1. 19 billion baht for measures to increase income of general public and government officials and employees who were registered with Social Security Office with relatively small payroll of no more than 14,000 baht a month.

2. Nine billion baht budget to be allotted as allowances for the elderly amounting to 500 baht per person.

3. 31 billion baht budget for measures to help reducing general public’s expenditures, including

3.1 11 billion baht extension life of previous Mr. Samak Sundaravej administration’s six-measure, six-month by additional six months until the end of July 2009. Five out of six measures, except excise tax on oil, continued.

3.2 One billion baht budget sought by Ministry of Commerce to help reducing people’s costs of living.

3.3 19 billion baht budget for the government’s 15-year free education programme

Regarding the government’s solution to the country’s unemployment problem, Mr. Abisit said that 6.9 billion baht of the budget would be allocated for potentially unemployed people, the unemployed, and the newly graduates, through various projects.

A relatively small budget would be allocated to support production sector.

15.2 billion baht would be allocated to sufficiency economy fund which was transformed from previous administrations’ Small, Medium, and Large villages' fund, or so-called SML fund. The fund would be used to help the country’s rural and farming sectors.

The measures, to be transformed into law, were expected to be tabled to the Cabinet on January 20 which would be further forwarded to the Parliament for endorsement on July 28. The measures were anticipated to be implemented around the middle or late March onwards.

The premier also asked the Cabinet to resolve the country’s tourism to help decreasing entrepreneurs’ burden and stimulating the sector which would not involve with national budget.

The Ministry of Tourism and Spots was instructed to collect measures nurturing the sector to be presented to the Cabinet as soon as possible. The measures would manly include reducing tourism related fees and encouraging government agencies to host seminars in the provinces etc.

Although global and local oil prices have been reducing significantly, the prime minister said that prices of local products and services have not yet followed suit. As a result, the Ministry of Commerce was instructed to collect information on the matter and proposed solutions to be presented to the Cabinet on Wednesday or on January 20 at the latest.

Regarding cold weather's hazard, the Cabinet instructed all government agencies already allocated with budget to provide clothing and related stuffs for general public to accelerate solving the cold weather hazard for people nationwide.

Compensation has also provided for victims of floods. Solutions to dry season’s hazard were also prepared. Accidents and other untowards incidents’ prevention measures during upcoming Chinese New Year festival late January were also prepared.

Mr. Abhisit also insisted there would be no squandering of the national budget. All projects allotted with budget could be verified. For instance, committees supervising unemployment solution projects and sufficiency economy fund would be provided. In addition, these projects would not be big programmes to ensure that they could really help stimulating local economy.

He also ensured that the budget allocation would not repeat the United States’ past mistakes when Washington lost relatively big budget to ineffectively turn the American economy around.

He said that he has studied US’ research on projects which could be effectively implemented and to be adopted in Thailand’s context.

In addition, economic problems between Bangkok and Washington were different. The US was directly affected by its financial crisis, while Thailand was indirectly impacted from Thai people’s declining purchasing power.

Source: National News Bureau of Thailand - 14 January 2009

[Jai Dee]

Big retailers give package the thumbs up

The government's Bt116-billion economic stimulus package will give a major boost to consumer spending, sending retail sales up sharply by next quarter, leading operators said yesterday.

Kobchai Chirathivat, president of Central Pattana, the country's largest shopping mall developer, said the new government is quite active in launching various campaigns and measures to rev up the economy and that will lead to greater confidence of consumers.

The pump-priming and social-welfare packages approved by the government will also spur investment by the private sector.

"We are quite convinced about the greater stability of the Abhisit [Vejjajiva] government after the recent by-elections gave them 20 more seats. Due to these positive factors, we hope that the economy will grow by at least 2-3 per cent this year," he said.

Central Pattana is also a firm believer in the strong economic fundamentals of Thailand in the long view.

"We are strongly committed to a continuous investment plan in Thailand. We will also open three major retail complexes, costing more than Bt10 billion, this year. They are in Pattaya, Chon Buri and Khon Kaen," he said.

The company also forecasts visitors to its shopping malls, including the new properties, will increase by 20-25 per cent this year.

"We believe our overall revenues will also rise by about 20 per cent from Bt10 billion posted last year," he said.

Darmp Sukontasap, senior vice president of Tesco Lotus, said it was encouraging to see that the government has moved quickly to deliver on its promise to implement measures to revive the economy.

"If the injected cash can reach the grass roots in April, we can then expect to see an improvement in domestic consumption in the second quarter," he said.

However, in order for the economic revival to be sustainable, other complementary measures are also necessary, he said.

Investments in large public projects and the availability of financial loans will also help strengthen investor and consumer confidence.

Ensuring that people can keep their jobs and that new ones are created is also important.

"For us, at Tesco Lotus, we are doing all we can to ensure that consumers can buy quality products, especially every-day household essentials, at fair and affordable prices.

"We also plan to buy more agricultural products from farmers to help stabilise the price of farm produce and ensure that farmers can enjoy a steady income.

"This year alone, we plan to spend at least Bt2.5 billion on local farm produce. At a time like this, we all should do what we can to help," he said.

Segsarn Trai-Ukos, corporate affairs and business development director of CenCar, the operator of Carrefour hypermarkets, said the Bt116-billion supplemental budget would urgently help refuel the spending power of people, particularly lower-income earners.

"We will speed up our plan to open 10 hypermarkets this year. The government however should consider how to immediately promote the export sector as well as trade and investment," he said.

"Instead of relying only on the government's stimulus measures, we will help stimulate the spending of consumers by ourselves. We will discuss with the commerce minister such cooperation in promoting the export of our house-brand products made by local SMEs," he said.

Kobchai said Central Pattana's latest shopping mall, CentralFestival Pattaya Beach - billed as the largest beachfront lifestyle shopping complex in Asia - is scheduled to open in the resort city on January 23.

"Central Pattana believes in Pattaya's potential as a hub of the eastern region, covering areas like the economy, tourism and the ability to offer services across the country. The city is also a hub in transportation and communications.

"As a city, whose economy and industries are constantly growing, investors, both local and foreign, are pouring exponentially increasing amounts of investment into Pattaya," he added.

Source: The Nation - 15 January 2009

[henryalleman]

The Ministry of Tourism and Spots was instructed to collect measures nurturing the sector to be presented to the Cabinet as soon as possible. The measures would manly include reducing tourism related fees and encouraging government agencies to host seminars in the provinces etc.

What? even more seminars by government agency's in the province. I thought that for most of the hotels in the provinces it was there major income already.

In recent years more than once I have to shorten my stay because the following day the hotel was fully booked for some seminar of teachers or other civil servants of all kinds. I have some family who are civil servants and at least every 2 or 3 months they have a seminar of 4- 5 day's somewhere. The last one was 1 week in Hua Hin for civil servants of the Northern region. I presume civil servants from the south have seminars in the North.

[Jai Dee]

FULL HOUSE FOR PM'S DINNER SPEECH

If popularity is determined by the number of people gathering at one place to welcome the biggest VIP of the day to the red carpet, Prime Minister Abhisit Vejjajiva was the star on Wednesday night.

About 400 guests crowded the ballroom of the InterContinental Hotel Bangkok, including a foreign reporter who flew directly from the US to attend the dinner talk hosted by the Foreign Correspondents Club of Thailand.

Aside from those who booked seats in advance, many appeared at the last minute and that required the organiser to set up extra dining tables.

Then, coming with the prime minister was a huge entourage, apart from the security officers there to guard him from some 50 red-shirted protesters gathering in front of the hotel, waiting to pelt him with eggs. (Unfortunately for them, Abhisit walked from his car through the kitchen. And he also used the route to make his exit.)

Abhisit adroitly charmed the audience throughout his half-hour speech and 40-minute question-and-answer session, judging by the periodic applause. It seems the prime minister was a speaker who perfectly fit the night's theme of "Restoring Confidence and Moving Thailand Forward".

Certainly, all were impressed with his take on geographical affinities. "There will be no regional division. I'm engaged with the Northeast, I'm in love with the North, I'm at home in the South, I just happen to live and work in Bangkok."

Smiles remained on all faces even when Abhisit was quizzed on issues such as the pending cases against the People's Alliance for Democracy for the airport closures as well as the appointments of several PAD members.

Indeed, Abhisit made a brief grimace when asked if the government's Bt116-billion pump-priming package, which is less than the damage caused by PAD as estimated by the Bank of Thailand, is enough to revive the economy.

All the prime minister's men must be impressed with their leader's performance, though at the expense of their stomachs.

Due to the large audience, there were not enough seats to go around for Abhisit's followers. Panithan Wattanayagorn, his secretary, was seen wandering around the ballroom for half an hour before being seated.

There was no seat left even when Finance Minister Korn Chatikavanij arrived later. He would have had to stand tall if one man did not sacrifice his seat at the Coca-Cola table for him.

Later, seen in the hand of each follower was a hamburger, while the guests enjoyed their rocket salad and pan-fried sea bass.

Nobody should mind that, for the sake of the nation.

Source: The Nation - 16 January 2009

[jasreeve17]

On the information provided so far it appears to be a pretty good package.

I like the idea of putting money back into the economy, especially via groups who will best benefit (the poor(er)). Even if it isn't (and I'm not saying it is or is not) the best way to stimulate the economy, it will diversify money into the provinces, rather than just Bkk.

A big job to sort out this place, but a reasonable start - certainly better than the Samak government efforts (were there any efforts?).

The notable thing I don't like is the Samak implemented 3.1 free transport rubbish. I don't see that saving 7 baht on a bus trip or 25 baht on a train journey significantly benefits anyones social standing. All I've seen are loads of 'daytripers' out in force on the buses and trains. If this plan was to stimulate free transport on daytrips for the elderly, jobless and otherwise bored, then it works very well. In reality it just further burdens an already overburdened transport network whilst taking away money (in fares) that could be used on improvement and upgrading of dangerously old and run down services.

[Mali1964]

Abhisit : Govt is yet turning to foreign loans

Abhisit as thoughts on possible Overseas loans.

Story here

http://thainews.prd.go.th/newsenglish/prev...id=255201260002

PM: Govt's stimulus package works with economy

http://thainews.prd.go.th/newsenglish/previewnews.

Edited January 26, 2009 by Mali1964

[Jai Dee]

PM: Govt to reform tax, implement social welfares to ensure efficient, fair Thai economy

Believing the government’s economic stimulus packages would be able to turn around local economy during the first half in 2009, the prime minister disclosed that medium and long term measures were prepared, including mega infrastructure projects and foreign loans’ borrowing, if global economic crises dragged on. The country’s tax reform and social welfare system are also in the pipeline to ensure efficient and fair competition of the Thai economy in the future

Delivering a keynote speech entitled “Confident and Believing in Thailand” at a Bangkok hotel on Tuesday (January 27), Prime Minister Mr. Abhisit Vejjajiva suggested all Thai people nationwide had to perform their duties to their utmost ability to push the nation getting through prevailing economic, political and other crises.

Around 1,200 audiences attended the function. They included foreign ambassadors to Thailand, Thai businessmen nationwide, foreign businessmen in Thailand, high ranking civil servants, and members of both Thai and foreign media.

The function was held by Joint Private Sector Cooperation Committee, comprising Thai Chamber of Commerce, Federation of Thai Industries, and Thai Bankers’ Association.

Mr. Abhisit believed that private sector would play instrumental role to push Thai economy to leap forward as the country’s economy has been growing during the past several decades under a principle of the country’s offering opportunities to private sector.

Entrepreneurs and businessmen have been exerting their potentials in term of competition both at home and in the world’s market. Free competition has been enhancing efficiency and progress economically.

Government sector, he said, has been supervisor and regulator to local economy to ensure impartial competition in businesses. It has also lending helping hands to the underprivileged or people who failed to benefit from economic growth under free competition.

Mr. Abhisit went on saying that at the moment, the country was facing three major problems, including:

1. Impact from global financial crises which have adversely affected local economy. Based on economic reports during the last quarter in 2008, including minus growth of the country’s both tourism and exports, economic growth between October and December 2008 was expected to be in minus territory, although the figure for the whole 2008 would still be in black.

The unfavorable economic situation was anticipated to continue to the first quarter in 2009 which would definitely adversely affect general public’s living condition.

2. Local political crisis during the past couple of years. Thai people were worried political conflicts in the Thai society which was heightened late in 2008 to the extent that people were worried there might be endless aggravated conflicts. And

3. Many problems have been accumulated in the Thai economy, such as shortage of skilled labours or their skills failing to meet market’s demand.

Existing regulations also retard industries’ competitiveness and were not in favor of business running.

As a result, he said that the government had to help tackling the mentioned three shortcomings as soon as possible to ensure the country leap forward.

Mr. Abhisit said that he has been meeting with all groups of people in the Thai society since his first day in office. They included agriculturalists, labourers, business entrepreneurs, and representatives of business sector.

He has promised them that he would be head of the government’s economic team to oversee overall problems by himself. He would also have to ensure that the whole cabinet understand the government’s target on economic rehabilitation and work in unity.

With the government’s less than one month in office, the premier said that changes were beginning to be felt. He pointed out that at the moment Thai politics was shaping up with clear economic agenda.

The government, he said, would propose 2009 mid fiscal year budget for the first reading approval from the House of Representatives today (January 28). The budget would be vital factor to help rehabilitating Thai economy. After being blessed, he said that the rehabilitation plans would be implemented as soon as possible.

Believing the plans would get to the point to solve the country’s economic problems, Mr. Abhisit said that the plans’ prime target was to help shoring up local consumers’ purchasing power and economic growth so that business entrepreneurs could continue running their businesses to reduce unemployment problem.

He noted that purchasing power of Thailand’s foreign trading partners was expected to further declining during the first half in 2009. But he hoped that those nations’ administrations would implement economic stimulus packages to nurture their people’s declining purchasing power.

After the government’s immediate and short term economic stimulus packages are endorsed by the Lower House and the measures would go forward smoothly and fast, Mr. Abhisit said that his administration would continuously implement medium and long term economic stimulus measures which would be worked out through the Joint Public and Private Sectors Cooperation Committee and the Council of Economic Ministers.

The medium to long term measures would include improvement of the country’s infrastructures leading to mega projects’ investment, such as transportation through rail tracks’ system, small and medium sources of waters, special economic zones’ development and the country’s logistics system etc.

Ministry of Finance and other relevant government agencies were seeking sources of funds to finance these projects.

Turning to the administration’s immediate to short term measures, he said that the government’s economic stimulus packages were aimed at recovering the Thai economy by the first half or the third quarter in 2009 at the latest. Ministry of Finance was also prepared to turn to foreign loans’ borrowing, if necessary, to further stimulate local economy if situation warrants for the measure.

Regarding taxes, he said that many categories of local taxes were on declining trend for the country to be competitive with its rival foreign nations. They included corporate and personal income taxes and customs duty.

Tax reform would also touch on excise tax, implementation of inheritance and improved land taxes which were expected to take time for implementation. The new and reformed taxes would be implemented concurrently with implementation of the country’s social welfare system to pave ways for more efficient and fair treatment of the Thai economy in the future.

The government was also studying the country’s business sectors’ production structure to enhance their competitiveness. It included increasing valuation of the country’s agricultural sector to create agro-business sector, making use of energy crops to be provide alternative sources of energy, ensuring food safety etc. The development of the sectors may involve restructuring regulations and motives to attract more investment in the sectors.

Mr. Abhisit noted that the government’s measures could be effectively implemented as far as the country’s political conflict subsided. Although the conflicts could not be wiped out in the short period of time, the premier insisted that the government would be determined to perform its duty to the utmost of its ability.

Noting achievements of the measures could not rely on the government alone, Mr. Abhisit suggested that private sector would also have to consistently develop itself to be qualitative entrepreneurs to be competitive in the world’s market.

Source: National News Bureau of Thailand - 28 January 2009

[Jai Dee]

Finance Minister to launch 3rd economic stimulus package

Minister of Finance Mr. Korn Chavikanvanij planned to seek Council of Economic Ministers’ blessing for the government’s third economic stimulus package today (January 28).

Mr. Korn said on Tuesday (January 27) that additional economic stimulus measures would be forwarded to the meeting today, in addition to two packages earlier blessed by the Cabinet. The third package would concentrate on solving the country's economic matters in medium and long terms, including implementing mega infrastructure projects, such as the proposed Southern Seaboard development project.

Turning to upcoming Association of Southeast Asian Nations (ASEAN) plus three’s Finance Ministers’ Meeting to be held in Phuket on February 22, a week before ASEAN summit in southern seaside town of Hua Hin and Cha Am, Prachuap Khiri Khan province, he said that each nation would present problems of respective country’s economic stimulus packages so as to exchange views on the matter between participants. They would also brainstorm to sound out solutions for pressing issues.

The plus three member nations include China, Japan and South Korea.

Regarding financial problem of Thai Airways International (THAI), he said that THAI’s management must submit solutions to the problem to ensure the Ministry of Finance that there would be no incurred problems if the ministry stepped in to rescue the national airline with clarification to general public for necessity for the ministry to inject their taxes to help solve the firm’s problems

Source: National News Bureau of Thailand - 28 January 2009

[Jai Dee]

Economic ministers to discuss more stimulus measures Wed

More measures to alleviate the country's unemployment problem are expected to be tabled to the Council of Economic Ministers' meeting today (January 28).

The agenda will focus on the Government’s economic stimulus package to assist the unemployed and plan to enhance their working skills.

Moreover, the economic ministers will also deliberate other agendas, including the labours' regulations proposed by the Ministry of Labour regarding criteria of the unemployed who are members of the Social Security Fund, to receive compensation in 2009.

Deputy Prime Minister Mr. Korbsak Sabhavasu will also seek an endorsement for a framework of his project to enhance the unemployed’s capacity of working skills in a bid to create jobs and help them to add incomes. He will ask for budget amounting to 120 million baht to finance the first phase of the project. A committee to manage the project will be established.

At the same time, the Ministry of Public Health will ask for additional budget to support the ministry’s project in assisting excessive number of eligible beneficiaries to the health care scheme.

Source: National News Bureau of Thailand - 28 January 2009