PM Yingluck confident the 2 trillion baht loan bill would pass 2nd reading

[webfact]

PM confident the 2T bt loan bill would pass 2nd reading

BANGKOK, 18 September 2013 (NNT) – Prime Minister Yingluck Shinawatra has reaffirmed the Government will maintain financial and fiscal disciplines when dealing with the 2 trillion baht infrastructure overhauling projects.

The Prime Minister has already postponed the mobile cabinet meeting in Lop Buri Province to give more time to related agencies to join the defense of the loan bill in the second reading of Parliament on September 19 and 20. Miss Yingluck expressed her confidence that the Government would be able to clarify all the points in the second reading.

She also made it clear that she would not dissolve the House should the bill did not get approval. Nonetheless, she implored all sides to look into the benefits the nation would gain from the mega-project.

The Prime Minister also showed no signs of worries in regard to the opposition's move to push for the Constitutional Court's interpretation of the loan bill, saying that the draft had been proposed through proper legal steps.


-- NNT 2013-09-18

[dru2]

But (seriously) who will lend them 2 trillion baht? The IMF? China? Where is this huge sum so glibly spouted to come from?

[laurentbkk]

I guess the Rice and Rubber issue will take a big part of it t....

[clockman]

If this happens, it will be a sad day for Thailand. The health and education of the people should come first. Not these first world plans!

[1plumber]

well if they are figuring 2 trillion for infrastructure as a budget then they need 8 to cover actual after corruption costs or acc as it should be referred to from here on out

[trainman34014]

If this goes through they are digging themselves a deeper and deeper hole but do they care about the future of Thailand ? No way; it's grab as much of this while we are holding power and stuff the consequences for the Nation after we are gone. Should be tried for treason the lot of 'em.

[GentlemanJim]

It will be quite a laugh at the next elections if the Dems win, and once in power they open the doors to the Thai treasury and say 'ok where is this 2 trillion baht then', only to be met by echoes from an empty vault! (Metaphorically speaking of course, before the TV pedants jump in and say 'Government money isn't kept in a vault). As the Dems turn to look for explanations from the PTP hierarchy they will see something reminiscent of the dust cloud behind road runner. Maybe there is a good business opportunity in selling tee-shirts with an 'I was there and stood and watch it happen' logo. Everyone's Grandchildren in this country will be able to wipe their ass with them in 20 years time.

[h90]

It will be quite a laugh at the next elections if the Dems win, and once in power they open the doors to the Thai treasury and say 'ok where is this 2 trillion baht then', only to be met by echoes from an empty vault! (Metaphorically speaking of course, before the TV pedants jump in and say 'Government money isn't kept in a vault). As the Dems turn to look for explanations from the PTP hierarchy they will see something reminiscent of the dust cloud behind road runner. Maybe there is a good business opportunity in selling tee-shirts with an 'I was there and stood and watch it happen' logo. Everyone's Grandchildren in this country will be able to wipe their ass with them in 20 years time.

Well...if they win, than they have to save money and at the next election they will loose because PTP can tell that everything was better when they were in power.

Or the democrats continue to spend more than they can and everything goes in direction Greece.....

A loose loose situation.

[saltandpepper]

It will be quite a laugh at the next elections if the Dems win, and once in power they open the doors to the Thai treasury and say 'ok where is this 2 trillion baht then', only to be met by echoes from an empty vault! (Metaphorically speaking of course, before the TV pedants jump in and say 'Government money isn't kept in a vault). As the Dems turn to look for explanations from the PTP hierarchy they will see something reminiscent of the dust cloud behind road runner. Maybe there is a good business opportunity in selling tee-shirts with an 'I was there and stood and watch it happen' logo. Everyone's Grandchildren in this country will be able to wipe their ass with them in 20 years time.

Well...if they win, than they have to save money and at the next election they will loose because PTP can tell that everything was better when they were in power.

Or the democrats continue to spend more than they can and everything goes in direction Greece.....

A loose loose situation.

So who or what is going to stop this bunch of thieves who call themselves "government"?

[worgeordie]

But will the PM be there to see it pass?, hear rumors some of the 2 trillion will

be used to install bigger better troughs in the new Parliament building,

The bigger questions are who 's going to lend the money, at what interest rate,

and what the balance (after the cream been skimmed off)will be spent on?

Just the way Governments all over the world, like it ,murky waters,so the public cannot

ask probing questions because they cannot see or know whats going on.

regards Worgeordie

[webfact]

BORROWING BILL
Kittiratt confident of winning House approval
The Nation

BANGKOK: -- Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong is confident that the Bt2 trillion borrowing bill will be passed into law.

He said on Wednesday that the bill has been carefully and thoroughly prepared and the government is ready to hear comments from over 100 opposition MPs lining up for that.

The government is ready to explain the objective of the law before the Constitutional Court, he added.

"As the finance minister who proposed this bill, I see no reason why the bill would not win parliamentary approval. The House Committee screening the bill also admitted that the bill was carefully drafted and clearly contain the project-approval screening process. Under this process, only projects with economic value would be approved. It’s not that we are borrowing a huge sum of money and keeping it idly," he said.

The bill is slated for the second and third-round deliberation during September 19-20. The Opposition is seeking a longer period, citing that this is the biggest borrowing deal ever for the country.

He also noted that the only reason that the bill would not pass into law is it violates the Constitution.

"Even if there is a major stumbling block, there is a way to work this out. There’s always a solution in this country," he said. "Yet, if the approval is not granted, it would be a pity and this would affect the macro-economic management. Anything slow or late could impact the economy. At the time when external factors are uncontrollable, all parties should support domestic investment. The economy would further expand if we can proceed with the planned investment."

About half of the borrowing will be used to finance the construction of high-speed train, mainly to boost the tourism industry. Meanwhile, some would be invested in double-track rail network to enhance the country’s logistics competitiveness as well as mass transit routes.


-- The Nation 2013-09-18

[Chrisswe]

I really hope so , important for Thailand future !!!

[Thait Spot]

I very much doubt that a proper feasibility study has been done.

I very much doubt that the project has been properly costed

I very much doubt that the project has been properly planned

I very much doubt that there have been the required environmental analyses

I very much doubt that borrowing the full sum in advance is advisable on a project that will take many years

I very much doubt that the project will be completed on time

I very much doubt that the project will be completed on budget

I very much doubt that the project will be completed

I very much doubt that the project will ever pay for itself

50 years of chronic debt. If the ratings agencies downgrade Thailand due to its poor fiscal disipline then the costs will rise exponentially.

[ezzra]

Sure, why not? let's borrow as much as we can, pocket as much as could,

and let the next generations of thai people pay those debts for many years to

come, this is Thai politics in it's best...

[LuckyLew]

2 Trillion

with 30% graft off the top

That is 600 billion in graft of the top

No wonder PTP want this bill passed asap.

They will kill Thailand for a long time

But family and friends will be sitting pretty forever

[WhizBang]

PM confident the 2T bt loan bill would pass 2nd reading

Of course she is confident. It has been ordered from afar. It's a done deal. All this parlamentry mumbo jumbo is just for show.

I say go for it. In a few years time I can look forward to 50 baht/$ exchange rates. YEAH!!!

[lungmi]

I really hope so , important for Thailand future !!!

And you fly with the pigs.

[Baerboxer]

I really hope so , important for Thailand future !!!

You are joking............... aren't you ??

[Baerboxer]

2 Trillion

with 30% graft off the top

That is 600 billion in graft of the top

No wonder PTP want this bill passed asap.

They will kill Thailand for a long time

But family and friends will be sitting pretty forever

Correct. All about securing a very large injection of cash to cover all the regular "outgoings" to remain in power for as long as possible. Salt as much away as quickly as possible for the day you have to do a runner.

You are right - it's about the clans future - anything else is irrelevant.

[Baerboxer]

The PM/DM has stated that the government will maintain strict financial control and fiscal disciplines so everything will be fine. She has already made huge steps in eliminating corruption and returning the economy from recession to growth.

The government's ability to tightly manage and control the fiscal aspects of complicated projects has been clearly demonstrated with the rice pledging scam scheme. The finance and commerce ministries both demonstrated an uncanny grasp of the figures which could be produced at a moments notice.

When this bill is passed, and the 2 trillion is under the safe custodianship of the government, I'm sure the PM/DM will be happy to answer any questions regarding amounts spent, value for money spent, and the transparency of supplier selection. She will do this in the same timely fashion that she demonstrates with regard to questions posed by the Omdudsman appertaining to the illegal issue of a passport to her fugitive criminal brother.

The PM/DM works tirelessly - travelling the world promoting Thailand, signing important trade and visa exemption deals, selling surplus rice, promoting democracy and human rights, fighting corruption and trying to pacify a restive South. Now she is attempting to borrow an incredible amount of money, that will put the country in debt for many years, whilst all other countries are trying to reduce their debt. What vision she has.

She knows she has enough votes to pass this. Wants to get her family's hands on the money and knows no one can stop her. Only problem is who will lend it - and what might their agenda be.

[saltandpepper]

I really hope so , important for Thailand future !!!

You are joking............... aren't you ??

Sadly he is not joking. He really believes it!

[Chrisswe]

I support you PM Yinluck , this is very important for Thailand future and development !!

[waza]

Once this loan is approved and secured where the money goes will become another state secret like the rice scam. But I am sure a sizable portion will be used to buy the next election .

[mikemac]

I really hope so , important for Thailand future !!!

You are joking............... aren't you ??

Perhaps he is a joke !

[bigbamboo]

I really hope so , important for Thailand future !!!

Sounds as if you know a lot more about this scheme than the rest of us to be so confident. Maybe you could enlighten us on where the money is coming from, how the money will be spent and what the overall cost to the nation will be?

I have yet to hear any specific details from Miss Y or her brother's government but maybe you have.

[ggold]

PM confident the 2T bt loan bill would pass 2nd reading

Of course she is confident. It has been ordered from afar. It's a done deal. All this parlamentry mumbo jumbo is just for show.

I say go for it. In a few years time I can look forward to 50 baht/$ exchange rates. YEAH!!!

The consequences of this folly don't bare thinking about. Other than the possible benefit of a better exchange rate! And maybe sooner than a few years from now.

Edited September 18, 2013 by ggold

[phantomfiddler]

All sides will benefit ? My a**e ! The ones who will benefit will be the politicians in power, and the ones who pay for it will be the unfortunate public, probably for the next 50 years

[KRS1]

loan now = current government looks good

repay loan later = next government looks like economy killers

[marcusd]

I support you PM Yinluck , this is very important for Thailand future and development !!

MATE!!! You must truly hate Thailand. Prior on here are visitors who deep down enjoy this country adds chose it...try toinstill the better values fromother lands AND TRULY CARE about thus people tgey we and me have chosen as friends partners and colleagues.

Despite the trashy stuff sometimes WE CARE.

It seems you must have a hand out waiting for yoyr bit of the oie and couldn't give a damn aboutyour nation. I hope you rot in the worst way.

Sent from my GT-N7000B using Thaivisa Connect Thailand mobile app

[Hugh Jarse]

But (seriously) who will lend them 2 trillion baht? The IMF? China? Where is this huge sum so glibly spouted to come from?

From the PM's brother perhaps and his patrons?