Rice-Pledging Scheme: How Much Have We Lost, Yingluck Asks

[khunPer]

I can't see it being below 300 Billion myself.

There was mention of stock holding as if it is a positive. Correct me if I am wrong but if someone is in a situation where they are holding something which they bought for a higher value than they are going to be able to sell it for, you want to be holding as little as possible.

What on Earth are they going to do with around 18 million tonnes of insect ridden partially digested rice? This is a serious question I might add. Even if the government admit they were wrong and write off the whole amount or there is a coup or some such. Thailand is still going to have 18 million tonnes of rat magnet which they will have to deal with.

Can burn it and make electricity from the heat

[Robby nz]

Natthawut will be planning to explain how it is all the fault of Abhisit and the Dems and how they are destroying the country and the only way to stop them is to bring Thaksin back so he can make them all rich as he promised.

[Thait Spot]

It seems that most responders to this thread are doing their best to destroy Thailands credibility since they must know that what is written here is devoured by the currency marketers.

Shame on all of those guilty of joining the feeding frenzy of the foreign community that would attempt to keep Thailand's sovereign ratings low. In a sense you are Traitors because none of you know what you are talking about simply because the actual figures have not been published.

I can see all the currency traders typing frantically away impressively tooled up with ThaiVisa screens next to their Bloomberg data feed.

The actual figure was released by a civil servant at the FM who was subsequently fired. Why on earth do you think the PTP wants to keep a lid on these figures? Because they are so good?

I have a simple rule - if it smells like a poo then it must be a poo. This rice scheme is a poo

[Nickymaster]

"Natthawut, speaking after the Cabinet meeting, said Yingluck had approved his idea to launch a mobile public relations campaign to raise awareness of the rice-pledging scheme with farmers across the country. The first event would be held in Phitsanulok on Sunday (June 9).

Explanations would be given to farmers during the rally, while a compilation of details on the scheme would be collected. The Bt260 billion figure was likely to be inaccurate and calculated from a "misuse of criteria", he said."

I'm puzzled by this. I thought farmers were aware of the 'rice-pledging scheme' and already made use of it. I mean two years of THB 300 billion spend surely went to farmers, now didn't it?

BTW rather than explain to farmers who already know, wouldn't it be better to explain to Moody's or doesn't that matter?

Farmers are waking up it seems so time for PT to put them back to sleep. Expect some phone ins from Thaksin.

The farmers are most probably questioning where all those few hundred billions went. "Huh? We didn't get that much. Somebody must be getting much more than us..."

The scheme is becoming a huge problem for Thailand. I can't see how these farmers can ever survive without government "help". What is the government going to say next year (I mean after the next election): "Ok farmers, enough help and now its up to you to become competitive again..... "

[CrisRMenumate]

Deputy Commerce Minister Natthawut Saikua was also ordered yesterday to help Boonsong with compilation and verification of the figures relating to the scheme

Compilation = manipulation in Thai politician speak....

[rubl]

"Deputy Commerce Minister Natthawut Saikua was also ordered yesterday to help Boonsong with compilation and verification of the figures relating to the scheme"

Hardworking chap, deserves his meagre salary as Dept. Minister of Agriculture. Already Wednesday and need to explain the rice-pledging in Phitsanolok on Sunday. Where to find time to help the Commerce Minister compile figures. And verify them as well, imagine. If more 'egg on face' eggs can get scarce and expensive. Oh bother.

[khunken]

It seems that Natthawut was first told to help Boonsong (he certainly needs help after his lies about exports) find out the 'correct' figures from the Finance Ministry who are not telling.

On second thoughts Nutty would be better off using his brainwashing expertise in Pitsanulok.

I'll bet there's some frantic damage limitation going on in Dubai right now. Do ratings agencies accept lunch boxes?

[Evolare]

notmyself #4

"Thailand is still going to have 18 million tonnes of rat magnet which they will

have to deal with."

Remember the power plant which will run on burning 'garbage'.

Xxxxx your right talk about expensive fuel....

Edited June 5, 2013 by metisdead

[Evolare]

When governments engage themselves in business, it is getting worse, they are the worst businesspeople on earth!

Indeed...

[Ricardo]

It seems that most responders to this thread are doing their best to destroy Thailands credibility since they must know that what is written here is devoured by the currency marketers.

Shame on all of those guilty of joining the feeding frenzy of the foreign community that would attempt to keep Thailand's sovereign ratings low. In a sense you are Traitors because none of you know what you are talking about simply because the actual figures have not been published.

Apologies for trying to post the truth as I see it, about the current administration's economic-policies. but my professional-accountant ethics require me to try to not lie, not even for Thailand !

The cynic in me might ask you, if the numbers are so wonderful and the scheme is actually in-profit, why does the government not publish the numbers regularly, and why are ever-growing borrowings required to finance the scheme, every month ? And why don't the PM, or the principal Ministers involved, have the numbers to-hand ?

It looks like a duck dud, has negative-cashflow like a duck dud, perhaps might just be a dud !

And IMHO the traitors are the politicians who are running the scam scheme, costing the public-purse a fortune, and risking ruining the former good-reputation of Thai rice in the world-markets.

[itchybum]

I can't see it being below 300 Billion myself.

There was mention of stock holding as if it is a positive. Correct me if I am wrong but if someone is in a situation where they are holding something which they bought for a higher value than they are going to be able to sell it for, you want to be holding as little as possible.

What on Earth are they going to do with around 18 million tonnes of insect ridden partially digested rice? This is a serious question I might add. Even if the government admit they were wrong and write off the whole amount or there is a coup or some such. Thailand is still going to have 18 million tonnes of rat magnet which they will have to deal with.

They could clog the flood barriers with it.

[tingtongfarang]

Normally at this point they would resort to escalating an almost non existent border dispute for maximum distraction...seems that is,nt an option at the moment.

[mikemac]

"Thailand is still going to have 18 million tonnes of rat magnet which they will have to deal with.".......The hub of rat farming, perhaps ? I don't look at television or movies anymore when I am in the mood for good comedy, I just read any thread that contains the words Yingluck, Chalern, Plod, PTP etc.

[Thai at Heart]

Normally at this point they would resort to escalating an almost non existent border dispute for maximum distraction...seems that is,nt an option at the moment.

Note someone initialed "s" destabilising theorems Thailand in the other thread. No border dispute, but the bogeyman instead.

[eddie61]

When Moodys downgrades Thailand's credit rating, this will make that 2.2 - 2.5 trillion Baht infrastructure improvement loan all the more difficult/costly and, hopefully, impossible to finance.

Sad about our tax money, but thank god we finally see the end game of the PTP painted on the wall. I give them 8 months......

[Siripon]

This policy never helped the small farmer with just a few rai, they keep all their rice for domestic consumption.

It only benefited farmers with 20 plus rai plus the millers.

An utter waste of tax payers' money.

[waza]

When Moodys downgrades Thailand's credit rating, this will make that 2.2 - 2.5 trillion Baht infrastructure improvement loan all the more difficult/costly and, hopefully, impossible to finance.

Sad about our tax money, but thank god we finally see the end game of the PTP painted on the wall. I give them 8 months......

I think a leadership change might get them longer, but yes an early election for sure after the 2.2 trillion baht is secure.

[Robby nz]

I think a leadership change might get them longer, but yes an early election for sure after the 2.2 trillion baht is secure.

They might pass it in parliament but they still have to find someone to put the money up.

They wont be able to get it from their own banks like they have for the rice mountain and the flood deal, the banks just don't have that sort of money.

[vijer]

The government yesterday ordered immediate verification of the status of the rice-pledging scheme in a bid to determine its profitability - and counter a warning by Moody's rating agency that the controversial policy could hurt the Thai economy and cause a downgrade of its credit rating.

And in another statement the PM said "Call that Moody guy and tell him the rice pledging scheme has been enormously profitable, ask any of my closest friends, they have increased their wealth substantially from the scheme!"

[waza]

I think a leadership change might get them longer, but yes an early election for sure after the 2.2 trillion baht is secure.

They might pass it in parliament but they still have to find someone to put the money up.

They wont be able to get it from their own banks like they have for the rice mountain and the flood deal, the banks just don't have that sort of money.

Government bonds, that's what Yingluck is swanning around the world selling. But a Moodys downgrade means they will have to offer a higher interest rate.

Debt Restructuring Government Bond

Auction Amount (million baht) 24,000.00

Weighted Average Accepted Yield (%) 3.5203

http://www.bot.or.th/English/FinancialMarkets/DebtSecuritiesAuction/AuctionResult/Pages/AuctionResult_GovtBonds.aspx

Thailand's Government Bond Yield for 10 Year Notes rallied 27 basis points during the last 30 days which means it became more expensive for Thailand to borrow money from investors.

Edited June 5, 2013 by waza

[ginjag]

All this rice, and we are importing millions of tons from our near neighbour, as stated on IN channel TV. I could not believe this, but true. What in heavens name for ????

[waza]

All this rice, and we are importing millions of tons from our near neighbour, as stated on IN channel TV. I could not believe this, but true. What in heavens name for ????

Its cheaper and better quality

[Bluespunk]

RICE-PLEDGING SCHEME

How much have we lost? Yingluck asks

You mean you don't know!! You really are an empty headed moron aren't you, but then again so are all puppets.

[Bluespunk]

Once again the PM flees rather than answer questions.

She obviously doesn't understand her job.

She is very clear on her job: do as you are told, smile at the cameras, dance when told to and run away if the questions become too hard.

[ginjag]

All this rice, and we are importing millions of tons from our near neighbour, as stated on IN channel TV. I could not believe this, but true. What in heavens name for ????

Its cheaper and better quality

I am sure ANY rice is of better quality than the stuff stored here. as for the cheaper price ???? this rice is not going anywhere, so before it does really rot GIVE it to Thailand--it therefore would be cheaper than paying for import.

IF it all IS going to rot, it should be signed off as a natural disaster. give it to your people like you would FOOD AID.

[paddyjenkins]

but hang on, the Moody's guys must be falang right...so surely the answer would just be along the lines of "this thailand, you don't know,you falang, thailand number one, thailand make big money, i boxing you" followed by a mob of moto taxi drivers and passers by beating the Moody's falang into a pulp for speak no good? isn't that the standard response in AAA Thailand?

[bigbamboo]

The government obviously didn't see this one coming and now they have a real problem. The truth is bad and if they wheel out Kittikat and his white lies again they are in even more trouble.

What a tangled web we weave,

When we practice to deceive.

Abhisit must be loving this!

[kannot]

notmyself #4

"Thailand is still going to have 18 million tonnes of rat magnet which they will

have to deal with."

Remember the power plant which will run on burning 'garbage'.

Can you burn politicians?

[rucus7]

Who cares? The farmers are fat and sassy. I don't hear them complaining. What is a few billion Baht is the scheme of things. Just wait until the high speed rail system is in place. All you naysayers will have to eat your words. Those trains will get the rice to market faster than you can say President Thaksin.

[ratcatcher]

Who cares? The farmers are fat and sassy. I don't hear them complaining. What is a few billion Baht is the scheme of things. Just wait until the high speed rail system is in place. All you naysayers will have to eat your words. Those trains will get the rice to market faster than you can say President Thaksin.

I love your high quality irony. Quite brilliant. President Thaksin eh?

"All you naysayers will have to eat your words." Would that be with a side of Thai fried rice?