Thai Finance Ministry seeking new funding source for rice pledging scheme

[webfact]

Finance Ministry seeking new funding source for rice pledging scheme
By English News



BANGKOK, Jan 3 - The Finance Ministry is speeding up its search for a new source of loans to pay farmers participating in the rice pledging scheme by January 15.

A meeting of the public debt policy and management committee was held today, chaired by Kittiratt Na-Ranong, Caretaker Deputy Prime Minister/Finance Minister, to consider new loan sources to pay farmers under the pledging scheme during the 2013/2014 harvest season.

The money must be distributed to farmers by January 15 and will be managed to be within the ceiling.

Mr Kittiratt affirmed that the loan budget is now still within the ceiling of Bt500 billion based on the consumption that the country's gross domestic product (GDP) does not decrease, which will otherwise affect the debt ratio.

Meanwhile, Anusorn Thammajai, a committee member, said the loan budget will be within Bt500 billion, for the Election Commission (EC) stated that such project could continue as it was an existing project, not a new one. Therefore, the committee will have to speed up finding a new source of loans to pay farmers.

Mr Anusorn admitted that ongoing political problems have affected the Thai economy on various dimensions and could affect the Public Debt Management Office's projection on the country's economy in the next 4-5 years.

He said the economy this year could grow less than 3 per cent, which will result in a higher ratio of public debt to GDP and thus affect finding loan sources to fund mega investment projects as well as economic opportunity losses. (MCOT online news)


-- TNA 2014-01-03

[Local Drunk]

Ain't gonna happen!

[noikrit]

Yep Election time , betta pay 'em now ..... just, where to get the money from????....

[casindonet]

Tough luck Mr. White Lie......they could go & beg IMF for a loan.

Sent from my GT-I9200 using Thaivisa Connect Thailand mobile app

[MacWalen]

Please, no more buying rice by the governemt! I love Thailand, don't ruin this country. Run it as business, policies must make ecomonical sense.

[RonCM]

Weren't they going to "borrow" the money from the 2 Trillion Baht Rail project???

[HiSoLowSoNoSo]

Yep Election time , betta pay 'em now ..... just, where to get the money from????....

They can always try to Skype Dubai But it's probably as likely as it will snow in hell that a super greedy Thai-Chinese will part with his ill gotten cash.

[dinom]

So at least they are admitting that in fact there isn't any money left to pay the farmers.

[ratcatcher]

Yep Election time , betta pay 'em now ..... just, where to get the money from????....

Looks like the election might become flaccid in the next few days and be withdrawn.

Then UDD can have a whip round the rich guys in Isaan and the north and help the farmers because the Thai government department in charge of rice sales is stony broke.

[Rob8891]

What a farce. Better go see Big Red in sandiland. He's got pots of cash...after all, he skimmed it off the poor beggars.

[T_Dog]

"May you live in interesting times."

[ginjag]

Yep Election time , betta pay 'em now ..... just, where to get the money from????....

Looks like the election might become flaccid in the next few days and be withdrawn.

Then UDD can have a whip round the rich guys in Isaan and the north and help the farmers because the Thai government department in charge of rice sales is stony broke.

He has the gall to call himself the finance minister, he couldn't manage a pi#s up in a brewery. 3 years in government and bust ??? one of umpteen reasons why they have to get out---however it can happen I don't know but get out.

Money rules your own life but throw Thailands money away it's OK. shows no shame non of them. If decent folk do wrong we hold our hands up and say ok ok.-here arrogance is a mild way to put it.

[marcusd]

They haven't got the 2trillion yet. It is only APPROVED. no one is lending Thailand money because its a bad risk at present when other countries are not faring well either.

Yingluck has been asking everyone as seen in posts previously. Has she got the cash yet??. Nope. Says it all right?.

It is not just protests etc... They are both crappy politicians. On yellow...suthep... Whatevers... reds whatever.

Other governments see the situation as it is.

Sent from my RM-892_apac_laos_thailand_219 using Tapatalk

[Ricardo]

The local som-tam lady, fount of knowledge on all things Thai, tells me that caretaker-PM Yingluck has a cunning new secret-plan, details of which were just Skyped-in from a secret bunker in an un-named Middle-Eastern golf course location, so her caretaker-government will be saved ! Hurrah !

The massive rice-stocks will all be placed in warehouses on the Cambodian border, in an area which will then be declared to belong to Cambodia, the caretaker-government will thus be able to claim that the rice-mountains have in fact been exported, after all !

I find this story scarily credible, myself.

[aimbc]

I would say that no borrowing can happen until the government release the figures. The entire program should halt until they get their house in order. This is why government keep abusing their powers. Even check and balance can not be implemented.

[ChrisY1]

The PTP is only in a caretaker position......they shouldn't be able to go ahead and initiate new loans that the taxpayer has to repay...but I guess being PTP and Thailand...it will go ahead and nothing said

[pedro01]

How much do they need to borrow - surely it's not 500 Billion, right?

[siampolee]

''Now is the hour.''

The populist policies are starting to bite hard. the country is in a rocky financial state.

So what happened concerning all those funds that we were told that the B.A.A.C had on tap. despite its directors comment ?

Seems as if the coffers are empty in the oil fund too as two banks are having to provide loans to keep the oil fund solvent. K bank and The Government bank being the financial providers.

[robblok]

Please, no more buying rice by the governemt! I love Thailand, don't ruin this country. Run it as business, policies must make ecomonical sense.

But they run it as a business, they buy votes with policies like this then rape the countries finances for their own gain.

Why do you think there are anti government protestors.

Vote buying does not only happen by really giving money these policies are of course the same thing.

[oldthaihand99]

"Thai Finance Ministry seeking new funding source for rice pledging scheme"

What about the billions in funds stolen/frozen from TS?

[JRSoul]

"Thai Finance Ministry seeking new funding source for rice pledging scheme"

What about the billions in funds stolen/frozen from TS?

The word you were looking for is "recovered." Now that he inflicted losses approaching THB500 billion (according the MoFinance, probably much more) hopefully they will seize every asset of this thief , his low-life family and his slimeball cronies.

[scorecard]

Tough luck Mr. White Lie......they could go & beg IMF for a loan. Sent from my GT-I9200 using Thaivisa Connect Thailand mobile app

Sure, then a few months later 'someone' claiming to be the 'savior' could claim the 'savior personally paid off the IMF loan early.

[Robby nz]

They haven't got the 2trillion yet. It is only APPROVED. no one is lending Thailand money because its a bad risk at present when other countries are not faring well either. Yingluck has been asking everyone as seen in posts previously. Has she got the cash yet??. Nope. Says it all right?. It is not just protests etc... They are both crappy politicians. On yellow...suthep... Whatevers... reds whatever. Other governments see the situation as it is. Sent from my RM-892_apac_laos_thailand_219 using Tapatalk

It may have been approved by parliament and the senate but it was done in such an illegal and underhand way that it is now before the relevant authorities and looks unlikely to be approved by them.

Result, it will at the very least be held up and probably dumped.

Incidentally. The minister of white lies said earlier on that 60% was expected to come from Thai banks then later said that "Thai banks had the liquidity to cover the whole 2.2 trillion"

Make of that what you will.

Sorry no link.

[aimbc]

I would say that no borrowing can happen until the government release the figures. The entire program should halt until they get their house in order. This is why government keep abusing their powers. Even check and balance can not be implemented.

Sorry had to add to my quote:

Can someone explain to me how the finance minister know that they are within the budget limit when they can't even produce any figures? According to the President of Rice Association, Warehouses and warehouse worker have not even been paid yet. No...I think it's way over.

[EyesWideOpen]

[oldthaihand99]

"Thai Finance Ministry seeking new funding source for rice pledging scheme"

What about the billions in funds stolen/frozen from TS?

The word you were looking for is "recovered." Now that he inflicted losses approaching THB500 billion (according the MoFinance, probably much more) hopefully they will seize every asset of this thief , his low-life family and his slimeball cronies.

Who knows, he as the Robin Hood of LOS, beloved by the poor, might be happy to donate his stolen funds to the right cause. Not all his family's assets, however, as he needs them to remain in a position of power to continue being the Saviour of the monkeys of the north who democraticly voted in this clan.

[rubl]

It would seem that this not-so-caretaking government is very good in seeking funding sources which need repayment, but which we do not find in the National Budget. We loose the overview, all becomes less accountable.

BTW is the 1.14 trillion Baht debt put under the carpet at BoT still visible?

[lungmi]

Don't forget Kampuchea. The people is moving too. Hun Sen and Thaksin, brothers of ...... are

under serious pression.

[GazR]

Please, no more buying rice by the governemt! I love Thailand, don't ruin this country. Run it as business, policies must make ecomonical sense.

Economic sense, dude.

[GazR]

Don't forget Kampuchea. The people is moving too. Hun Sen and Thaksin, brothers of ...... are

under serious pression.

Oppression, dude ?