Thai Commerce Ministry asserts full payment to farmers for rice purchases

[webfact]

Commerce Ministry asserts full payment to farmers for rice purchases
By Digital Content



BANGKOK, Dec 14 – The government is financially capable of paying farmers who sold rice under the subsidy scheme but the delay in payment was due to financial discipline on managing the revolving fund, according to a deputy commerce minister.

Yanyong Phuangrach said the Commerce Ministry has to manage its spending within the allocated revolving fund of Bt500 billion.

The spending limit for the 2013/14 harvest is Bt270 billion, he said.

Mr Yanyong said the Budget Bureau has approved a Bt26.9 billion expense, plus an additional Bt20.176 billion from the Bank of Agriculture and Agricultural Cooperatives (BAAC) to purchase rice from farmers.

The Commerce Ministry has another amount of Bt12 billion from sales of packaged rice, contributing to a total Bt60 billion to be paid to farmers by the end of the year, he said.

He said the BAAC and Finance Ministry have created confusion in stating that they would have only Bt26 billion to pay farmers, insisting that the caretaker government is fully authorised to abide by payment obligations under the rice pledging scheme.

“I don’t understand why the BAAC expressed concern on budget constraints for the rice scheme. Any information to the public should not create fear among farmers about payment. The commerce minister has reaffirmed there is sufficient budget for rice purchases nationwide,” said Mr Yanyong.

The Commerce Ministry has so far paid Bt180 billion it earned from rice sales to the BAAC, he said. (MCOT online news)


-- TNA 2013-12-14

[JRSoul]

Financial discipline - not a term commonly used in regard to the rice scam, discipline being a scarce commodity in fantasy land.

[PeterSmiles]

the delay in payment was due to financial discipline on managing the revolving fund, according to a deputy commerce minister.

Financial discipline as in, we first need to have earned money before we can spend it, but since no sales were made there was also no money.

That isn't called discipline, it's logic .

Since the Government to government sales have been suspended under the caretaker government, that is if there ever were such agreements, what are the odds that they recently have borrowed money in Dubai to keep their voters happy shortly before the new election ?

[ggold]

They must like queing up to make fools of themselves in the media. Financial dicipline? If it were so disiplined then why isn't the money there to pay the farmers! complete idiots.

Nothing to do with the fact that they can't sell the rice, is it?

Edited December 14, 2013 by ggold

[chainarong]

It's good to see that the Commerce Ministry is going to pay the farmers for their rice, the question is why haven't they been paid on time and when are they going to be payed, I have no confidence in this administration ability to do anything right ,but the sure do a lot of talking.

[MaxLee]

Keep voting for Pheu Thai Taksin and you shall be rewarded,...

[khwaibah]

Another BS excuse.

[jaidam]

I'll bet PTP are secretly praying for a coup to get them out of this disastrous mess they have created. Looked good on the back of a UAE envelope, bought them an election win, but to actually pay double price for rice is of course impossible. Now they need scapegoats, and they need them fast. Suthep and the army to the rescue(again).

[Robby nz]

Yanyong Phuangrach said the Commerce Ministry has to manage its spending within the allocated revolving fund of Bt500 billion.

But they are 140 billion over that now, the revolving fund stopped revolving when the rice couldn't be sold.

The spending limit for the 2013/14 harvest is Bt270 billion, he said.

If what I read elsewhere is correct that was supposed to come out of the 2014 budget and couldn't be touched till February.

Mr Yanyong said the Budget Bureau has approved a Bt26.9 billion expense, plus an additional Bt20.176 billion from the Bank of Agriculture and Agricultural Cooperatives (BAAC) to purchase rice from farmers.

The "expense" will then be to pay for storage, cartage etc.

“I don’t understand why the BAAC expressed concern on budget constraints for the rice scheme. Any information to the public should not create fear among farmers about payment. The commerce minister has reaffirmed there is sufficient budget for rice purchases nationwide,” said Mr Yanyong.

The BAAC expressed concern because it had not got the money from you Mr minister.

The fear among farmers is because they haven't been paid.

If there is sufficient budget then why haven't they been paid ?

[HiSoLowSoNoSo]

I wonder if the farmers got a written contract when they pledged their rice? or is it like everything else with this rice scam it's a state secret?

[Sunisalom]

It's incredible that all these Billions are suddenly appearing, and getting approval, at this time.

Multi-deca-Billions for rice, state employees, infrastructures.... and a wad of 40% of that is surplus to requirements.....

-mel.

[tomacht8]

"Yanyong Phuangrach said the Commerce Ministry has to manage its spending within the allocated revolving fund of Bt500 billion."

This money is already burned!!!

The rice scheme:

680 Billion Baht in.

+ rice sales 180 Billion Baht

- 16 Mio ton stock pile now. (value 200 Billion at best)

outstanding loans from BAAC around 80 Billion

BAAC now no money,

so lost: around 600 Billion Baht.

Why is there here no institution to check this!

With this money, every state hospital and every school could have been modernized in Thailand.

A slap in the face for all.

[kurtgruen]

One again, a case of "Too much rice - not enough protein"

[Ragzilb]

It always sound good, But it always has a bitter sweet end with this government. .

[HiSoLowSoNoSo]

This rice pledging scam can become a massive economical hangover for the rice farmers of Thailand. What can they do if they have no cash for the next crop, no money for fertilizers, no fuel for their tractors (or food for their buffaloes) and what will they do if they can't sell the next crop because all the warehouses are already full of unsold rice?

[slapout]

Revolving financial management: Yes this describes and points out the real problems this government has managed to bring upon the Thai people. For this age old mangement system to prove successful, you need more revenue coming in than your expenses that go out.

The government attempts to sell farm product, bonds, and/or borrow money to generate revenue have not been as successful as their ability to skim off the top, pay the middlemen involved, thus the farmers (suppliers) are being shafted along with the Thai people (investors) This program seems to be going the way most do, when operated in such a manner.(Bankrupt)

[JoeThePoster]

but the delay in payment was due to financial discipline

I'm gonna use that excuse next time I'm late with my mortgage payments.

[winstonc]

where are our red friends defending the undefendable.very choosy on the topics they comment on arnt they...how strange...who would have thought,,hypocrits the lot of them...no doubt someone with 20 posts will be along shortly,saying its all because of suphep...hahahahasha

[drdoom6996]

Financial discipline - not a term commonly used in regard to the rice scam, discipline being a scarce commodity in fantasy land.

Another oxymoron?

[marcusd]

This rice pledging scam can become a massive economical hangover for the rice farmers of Thailand. What can they do if they have no cash for the next crop, no money for fertilizers, no fuel for their tractors (or food for their buffaloes) and what will they do if they can't sell the next crop because all the warehouses are already full of unsold rice?

The Thai people will just go marry a farrang. Easy

[marcusd]

There are so many numbers bandies around you will never know the truth.

But the way i figure they add up and state what they need is simple arithmetic..

1 + 1 +2 ? (Oh no we need more )

1 + 1 = 11 THATS IT!

[Baerboxer]

This is good news - with such close financial discipline the Ministry must be able to release accurate figures after all.

So, let's see just how much money has been lost in total, and how much skimmed off, and to whom.

Someone has this all detailed somewhere.

Great to see how PTP creatively manage all the countries problems. Bank - "we can't pay because we haven't got the money" PTP - "yes you have".

Complete <deleted> - but par for the course !

[Baerboxer]

where are our red friends defending the undefendable.very choosy on the topics they comment on arnt they...how strange...who would have thought,,hypocrits the lot of them...no doubt someone with 20 posts will be along shortly,saying its all because of suphep...hahahahasha

Didn't some PTP urchin try this last week? Claimed the farmers hadn't been paid because the democrats wouldn't counter sign the payment mandate or some such rubbish.

Everyone knows this was Thaksin's idea. So no one in the gang dare admit its a complete failure.

[ratcatcher]

Revolving financial management: Yes this describes and points out the real problems this government has managed to bring upon the Thai people. For this age old mangement system to prove successful, you need more revenue coming in than your expenses that go out.

The government attempts to sell farm product, bonds, and/or borrow money to generate revenue have not been as successful as their ability to skim off the top, pay the middlemen involved, thus the farmers (suppliers) are being shafted along with the Thai people (investors) This program seems to be going the way most do, when operated in such a manner.(Bankrupt)

"Revolving financial management:" Puea Thai style

[tomacht8]

Revolving financial management: Yes this describes and points out the real problems this government has managed to bring upon the Thai people. For this age old mangement system to prove successful, you need more revenue coming in than your expenses that go out.

The government attempts to sell farm product, bonds, and/or borrow money to generate revenue have not been as successful as their ability to skim off the top, pay the middlemen involved, thus the farmers (suppliers) are being shafted along with the Thai people (investors) This program seems to be going the way most do, when operated in such a manner.(Bankrupt)

"Revolving financial management:" Puea Thai style

rw.jpg

Nice!

With your revolving modell u have a fair chance to win 1/37.

But with the rice scheme the chance, that the thai people win anything is 0 (Zero)

If you buy a reproducible product continually for 14,000 Baht/ton and the world market price for these good is 10,000 Baht/ton,

then the loss is due the system, pre-programmed.

But this is a state secret.

Edited December 14, 2013 by tomacht8

[Mudcrab]

There are so many numbers bandies around you will never know the truth.

But the way i figure they add up and state what they need is simple arithmetic..

1 + 1 +2 ? (Oh no we need more )

1 + 1 = 11 THATS IT!

1+1= 3 for those that know

[nong38]

Revolving financial management: Yes this describes and points out the real problems this government has managed to bring upon the Thai people. For this age old mangement system to prove successful, you need more revenue coming in than your expenses that go out.

The government attempts to sell farm product, bonds, and/or borrow money to generate revenue have not been as successful as their ability to skim off the top, pay the middlemen involved, thus the farmers (suppliers) are being shafted along with the Thai people (investors) This program seems to be going the way most do, when operated in such a manner.(Bankrupt)

"Revolving financial management:" Puea Thai style

rw.jpg

That looks just like a HUB to me and all this talk of revolving finances, doors etc. Something does not add up, shall we move on to the next topic before someone is caught with their trousers(or knickers) down.

I dont understand why the rest of the world does not follow the Thailand Financial Masterplan, it wont be long before Bangkok is the new Wall Street and The City all rolled into one.

[jimbeam1]

Keep voting for Pheu Thai Taksin and you shall be rewarded,...

Yep this time in 6 months they will all be millionaires.

jb1

[siampolee]

BANGKOK, Dec 14 – The government is financially capable of paying farmers who sold rice under the subsidy scheme but the delay in payment was due to financial discipline on managing the revolving fund, according to a deputy commerce minister.

Thaksinspeak for ''we don't have the money as we need to finance an election .

[Ulic]

It is most important to to get all farmers paid before the election.