Commerce Minister: Rice Pledging Scheme Continues, Losses Lower Than Bt260 Billion

[webfact]

Commerce minister: Rice pledging scheme continues, losses lower than Bt260 billion
By English News

BANGKOK, June 6 – Commerce Minister Boonsong Teriyapirom has categorically ruled out the government’s Bt260 billion loss in the rice pledging scheme and promised to give a full explanation to the public tomorrow.

He said he did not understand how the Finance Ministry came up with the figure while closing entries on the plan, kicked off on Oct 7, 2011, were not finalised.

The Commerce Ministry has managed the rice subsidy programme with a Bt410 billion revolving fund plus Bt90 billion fund from the Bank of Agriculture and Agricultural Cooperatives (BAAC), he said, adding that Bt120 billion was already returned to the BAAC.

“It is impossible that the accumulated loss could be this high. The Commerce Ministry will urgently explain to all parties concerned to create better understanding on the rice pledging scheme,” he said.

He said the Finance Ministry was in the position to explain to Moody’s Investors Service which warned that Thailand’s rice pledging scheme was a credit negative due to heavy losses.

International Monetary Fund (IMF) officials came to the Commerce Ministry yesterday to ask questions and seek information on Thailand’s international trade and business direction, he said. (MCOT online news)


-- TNA 2013-06-06

[Thai at Heart]

That's it?

Ok, news over.

[winstonc]

well thats ok then,we can move on to something really really important,

[rubl]

"It is impossible that the accumulated loss could be this high."

Numbers keep changing. We had a THB 500 billion non-revolving funds and now it's only 410 + 90. We had only 200 billion more needed taking into account 120 billion being repaid and upto 200 billion expected. We had two years of 300 billion each. We have 'less than' 260 billion (about 45%) loss.

... and the cheque is in the mail, at least for some.

[GentlemanJim]

well thats ok then,we can move on to something really really important,

Like suing 3 Dem MP's for slander in the four seasons hotel !

[Thai at Heart]

"It is impossible that the accumulated loss could be this high."

Numbers keep changing. We had a THB 500 billion non-revolving funds and now it's only 410 + 90. We had only 200 billion more needed taking into account 120 billion being repaid and upto 200 billion expected. We had two years of 300 billion each. We have 'less than' 260 billion (about 45%) loss.

... and the cheque is in the mail, at least for some.

Well, why can't it be possible?

They are how many percent above the current FOB price for Thai rice? 25%? 30%, 40%, and there will be an accumulated storage loss due to damage, mould, etc etc, 10%, 15%, 20%? Then there is the inevitable write down in value due to it being old crop, 10%, 15%? So it could quite easily amount to 260bn.

However, we await the detailed explanation tomorrow. That should be quite a roadshow. Note the bit at the bottom about the IMF sticking their nose in. Is this a regular get together?

[Nickymaster]

Even if the loss is only () 100 biillion THB (3,3 biilion USD), then it's ok?????

[Neilly]

Even if the loss is only () 100 biillion THB (3,3 biilion USD), then it's ok?????

Just so long as it's under 260 then all's good

[puck2]

losses lower than Bt260 billion

yes, only 259.999... billion THB

Edited June 6, 2013 by puck2

[worgeordie]

Have they added in the costs of storage ,which is a daily cost,transport and all the other sundries incurred,

in storing vast amounts of rice. I don't think so,and I hope its all still there when/if they actually get round to

selling it, and I don't mean the small share the birds and rats have taken,but they will most likely get the blame.

regards Worgeordie

[lemonjelly]

well thats ok then,we can move on to something really really important,

If a financial loss due to government muppetry in the region of 9 billion $ U.S. is not newsworthy to you...why bother posting here ? Even worse...why am I wasting my time replying to your 'post'.....

Edited June 6, 2013 by lemonjelly

[NongKhaiKid]

The public might get a full explanation but will it be the truth, the whole truth or nothing like the truth ? I know which one I'd put my money on.

Good to see two ministries in this government in total disagreement so who is going to blink first and have to admit they got it wrong ?

[pedro01]

"It is impossible that the accumulated loss could be this high."

Numbers keep changing. We had a THB 500 billion non-revolving funds and now it's only 410 + 90. We had only 200 billion more needed taking into account 120 billion being repaid and upto 200 billion expected. We had two years of 300 billion each. We have 'less than' 260 billion (about 45%) loss.

... and the cheque is in the mail, at least for some.

Well, why can't it be possible?

They are how many percent above the current FOB price for Thai rice? 25%? 30%, 40%, and there will be an accumulated storage loss due to damage, mould, etc etc, 10%, 15%, 20%? Then there is the inevitable write down in value due to it being old crop, 10%, 15%? So it could quite easily amount to 260bn.

However, we await the detailed explanation tomorrow. That should be quite a roadshow. Note the bit at the bottom about the IMF sticking their nose in. Is this a regular get together?

I think you've just seen the most detailed explanation we are going to get.

[Payboy]

International Monetary Fund (IMF) officials came to the Commerce Ministry yesterday to ask questions and seek information on Thailand’s international trade and business direction, he said.

They left completely satisfied when they were told - Thai food velly goose, Thai massage velly healthy, Thailaaan number 1.

[slapout]

Have they added in the costs of storage ,which is a daily cost,transport and all the other sundries incurred,

in storing vast amounts of rice. I don't think so,and I hope its all still there when/if they actually get round to

selling it, and I don't mean the small share the birds and rats have taken,but they will most likely get the blame.

regards Worgeordie

You forgot to include the cost (additional budget request of several million) for Chalerm's crowd, Police to guad and ensure there was no corruption at the mills, storage, and purchasing facilities. Creative accounting may have this expense alloted to the education or Science Ministries

[apetley]

well thats ok then,we can move on to something really really important,

If a financial loss due to government muppetry in the region of 9 billion $ U.S. is not newsworthy to you...why bother posting here ? Even worse...why am I wasting my time replying to your 'post'.....

I suggest looking up the meaning of sarcasm or irony before posting again.

Sent from my GT-I9003 using Thaivisa Connect Thailand mobile app

Edited June 6, 2013 by apetley

[kimamey]

well thats ok then,we can move on to something really really important,

If a financial loss due to government muppetry in the region of 9 billion $ U.S. is not newsworthy to you...why bother posting here ? Even worse...why am I wasting my time replying to your 'post'.....

I suggest looking up the meaning of sarcasm or irony before posting again.

Sent from my GT-I9003 using Thaivisa Connect Thailand mobile app

I thought this was sarcasm as well but it's so difficult to tell sometimes

[bigbamboo]

Sounds like the left hand doesn't know what the right hand is stealing.... I mean doing.

Doesn't really matter now what figures they come up with. The one thing that is transparent is there is no transparency. Moodys have seen enough though and the damage is done.

Edited June 6, 2013 by bigbamboo

[waza]

"It is impossible that the accumulated loss could be this high", even Commerce Minister Boonsong Teriyapirom is astounded how badly a budget can be pilfered in just two years. That's what happens when you leave a job to Thai politicians without any checks and balances or even book keepers, as it appears in this case.

But the good news is.......The show will go on.

[AleG]

He said the Finance Ministry was in the position to explain to Moody’s Investors Service which warned that Thailand’s rice pledging scheme was credit negative due to heavy losses.

It would be just swell if they'd bothered to explain things to us, the taxpayers, who will be footing the bill for this debacle.

[OzMick]

I'm finding current news quite handy to explain this in terms my Thai friends understand. THB 1 billion buys 1000 school buses - your government has admitted losing THB 260 billion.

[givenall]

That's it?

Ok, news over.

Is it white wash or Thai wash????????

[moe666]

It will continue until we reach 260billion one way or the other and sooner rather than later

[Sunderland]

I'm finding current news quite handy to explain this in terms my Thai friends understand. THB 1 billion buys 1000 school buses - your government has admitted losing THB 260 billion.

Are you trying to imply they have mislaid 260,000 school buses somewhere??? Probably stuck in the traffic jams with the 10 million new cars.

[Robby nz]

Sunderland

OzMick, on 06 Jun 2013 - 15:59, said:

I'm finding current news quite handy to explain this in terms my Thai friends understand. THB 1 billion buys 1000 school buses - your government has admitted losing THB 260 billion.

Are you trying to imply they have mislaid 260,000 school buses somewhere??? Probably stuck in the traffic jams with the 10 million new cars.

Its not a matter of mislaid Sunderland, its a matter of no longer having the money to buy them or their equivalent in anything else that would be of benefit to the country or its people.

Whether the true number is 100 Billion, 260 Billion or more or less it is still money that has been thrown away and can never be recovered.

[chainarong]

This Minister is nothing to be so casual about, the disgrace of the pledging scheme , the immature way of destroying an vibrant industry and regardless of the loss the denial of all concerned , gives one the impression that rats are running the pack, if government awarded gold cups for stupidity, the PTP would have a cupboards full .

[GentlemanJim]

It will be interesting to see who makes it onto the Forbes SE Asia rich list next year

[Ragzilb]

FYI money put in pocket also counts under the rice scheme

[GAZZPA]

well thats ok then,we can move on to something really really important,

If a financial loss due to government muppetry in the region of 9 billion $ U.S. is not newsworthy to you...why bother posting here ? Even worse...why am I wasting my time replying to your 'post'.....

I suggest looking up the meaning of sarcasm or irony before posting again.

Sent from my GT-I9003 using Thaivisa Connect Thailand mobile app

I thought this was sarcasm as well but it's so difficult to tell sometimes

There is no sarcasm in this, it is a straight question.. The irony is in the second sentence.

[thequietman]

well thats ok then,we can move on to something really really important,

If a financial loss due to government muppetry in the region of 9 billion $ U.S. is not newsworthy to you...why bother posting here ? Even worse...why am I wasting my time replying to your 'post'.....

Tell me, are you familiar with sarcasm ? Obviously not.