Thai Finance Ministry seeking new funding source for rice pledging scheme

[GazR]

A Ponzi scheme to fund a mega vote-buying scheme perhaps ?

[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.

Economic sense, dude.

You are right. Economic sense.

Sent from my GT-I9190 using Thaivisa Connect Thailand mobile app

[Scamper]

The word corruption seems to have reached new limits. Surely there is a further, more encompassing word ? Where to get 500 billion baht in twelve days to pay for the northern vote ? Speaking of which, Pheu Thai's new campaign election slogan is a piece of work : to take care of unfinished business and tackle corruption. ( !!!!! ) " Ladies and gentlemen - I give you - the finished product. And you don't have to wait until after the election. It's here and it's now ! It's - it's Pheu Thai ! "

[PeterSmiles]

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.

I'm sure there is something wrong with this article, because it was made clear previously that the farmers would been paid before the end of 2013, as there was 60 billion promised for the BAAC before that time.

[JRSoul]

The word corruption seems to have reached new limits. Surely there is a further, more encompassing word ? Where to get 500 billion baht in twelve days to pay for the northern vote ? Speaking of which, Pheu Thai's new campaign election slogan is a piece of work : to take care of unfinished business and tackle corruption. ( !!!!! ) " Ladies and gentlemen - I give you - the finished product. And you don't have to wait until after the election. It's here and it's now ! It's - it's Pheu Thai ! "

You are reading it incorrectly. They are saying that they have not yet reached the B500 billion loan cap, so can borrow more. Whether this is true, and whether borrowing so much for a policy which has totally failed in its stated aims, is another matter.

[FangFerang]

Makes me think of Oliver Twist, "Please, sir, can I have more?"

[mojorison]

Gasoline in Thailand is as much as $1.55 per liter in remote areas. Holy cow... where is this tax money going? That is exorbitant, and ensures Thais pay the highest price for petrol in all of SE Asia... without so much as a whimper. In Australia we'd be cracking the absolute Brad Pitts over this. I can't believe no one raises this issue, but surely if no one cares, why not raise it more... that'd help buy some more rice...

[spirit47]

Take it from the Shin-clan and supporters, they get the votes for this already...

[tomacht8]

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.

Agree.

It's not that hard to publish the exact figures.

I'm sure that those in charge know the exact numbers.

Even an economics student from the first semester can do that

I guess the loss on 680 Billion + 180 Billion

minus rotten Stockpile – 12 Billion Cash in BAAC – outstanding 80 Billion loans

= around 800 Billion Baht loss. + X

What worries me is, that there are more "Skeletons in the basement".

Unpaid farmers,

Unpaid millers,

Unpaid Warehouse owners,

The BAAC without liquidity,

Farmers with debts to the seed companies

Farmers with debts to the fertilizer suppliers

Farmers with debt to the harvest workers

Farmers with debts to loan sharks

Small Farmers with debts to the landowners

This is only the prelude for a financial disaster.

Maybe it's the smartest theft of government funds ever,

or the stupidest thing what a government can do with government funds.

In both cases, the money is completely gone, if it was not immediately be verified.

Those responsible should get the harshest penalties, for this irresponsibility towards the society.

Thailand need a honest Tax Police!

Edited January 3, 2014 by tomacht8

[metisdead]

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[Robby nz]

Lets have a look back at some of the more recent announcements about funding for the rice scheme :

21/10/2013

The BAAC will borrow 140 billion with the finance ministries guarantee to fund the 270 billion budget set for the pledging of this seasons crop.

25/11/2013

Deputy finance minister said issue of funding was resolved by 82bullion from the 2014 budget earmarked to pay BAAC debt in order to pay farmers who have not been paid since last month. The 2014 budget will be used to repay BAAC in an effort to keep spending below 500 billion.

26/12/2013

The caretaker Govt is asking the EC for permission to sell bonds to pay for rice pledging, caretaker finance Minister Kittiratt wants the Govt to issue 13 billion worth of bonds to finance the scheme.

The public debt management office refuses to sign any borrowing deals for fear it would violate election law which could lead to PTP being dissolved.

[kingalfred]

The markets will fail thailand in coming years and they will be unable to borrow money .The Thai economy rapidly becoming thin ice unless the current bunch of red eyes corrupt incompetents are thrown out.

[PeterSmiles]

Lets have a look back at some of the more recent announcements about funding for the rice scheme :

21/10/2013

The BAAC will borrow 140 billion with the finance ministries guarantee to fund the 270 billion budget set for the pledging of this seasons crop.

25/11/2013

Deputy finance minister said issue of funding was resolved by 82bullion from the 2014 budget earmarked to pay BAAC debt in order to pay farmers who have not been paid since last month. The 2014 budget will be used to repay BAAC in an effort to keep spending below 500 billion.

26/12/2013

The caretaker Govt is asking the EC for permission to sell bonds to pay for rice pledging, caretaker finance Minister Kittiratt wants the Govt to issue 13 billion worth of bonds to finance the scheme.

The public debt management office refuses to sign any borrowing deals for fear it would violate election law which could lead to PTP being dissolved.

You forgot one

20/12/2013

The minister insisted that the Finance Ministry had assured that before the end of this year, there would be an injection of 60 billion baht fresh fund into the BAAC to pay the farmers. There will be enough funding to sustain the rice pledging scheme till its end in next February, he added.

[animatic]

"The IMF is not my Father",

but a sugar daddy would come in handy right now.

It is clear the desperation to bring the rice farmers back into the fold is

palpable like rancid butter on the tongue and in the nostrils.

This is also one of the main reasons the extended rally is happening;

if the PTP cupboards are too bare to make their pie-in-the-sky promises reality,

then this is the perfect time to force a delayed election and deal with

PTP/Team Thaksin on a relatively even playing field for a change,

after farmer anger has been allowed to rise a few notches..

And another reason to remove the PTP as 'caretakers',

because they are mostly trying to take care of themselves.

Soooo,

who would be so foolish as to back this loss-leader, bait-and-switch, rice scheme till the election?

Edited January 3, 2014 by animatic

[MMarlow]

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

Shame that nobody seems to have noticed this gem! Excellent.

[WitawatWatawit]

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

Shame that nobody seems to have noticed this gem! Excellent.

Come on! This is hardly a stimulating debate.

[Soi Sauce]

Make the farmers broke, then offer them cash to come and burn BKK again.

They've got no money, no future, and a major land grab is coming because they will be unable to pay the debts forced on them by PT in the form of future riches. I'll make you all rich in 6 months, said the man. .

As said before; You ain't gotta be clever to work it out, and with millons shipped offshore, and the baht collapsing,, a certain gang can buy it all up for next to nothing.

I doubt the reds will even get a funkyouverymuch note.

Edited January 3, 2014 by Soi Sauce

[petermik]

What about charging farang visitors to the Kingdom 500 baht as a departure tax-now that will help

[whybother]

What about charging farang visitors to the Kingdom 500 baht as a departure tax-now that will help

Not sure how that would help considering the current departure tax is 700 baht.

[tingtongfarang]

"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.

It has to be said that in general ptp are in some way transparent in most decisions they make, but only in as much as being so blatant with there crimes it should be clear for most,

I try to imagine the shit that will hit the fan when the total reality of this grand scale corruption committed by this government is out there for all to see, and it will happen i feel sure.

TS bailing the rice scam out with with his own cash ill gotten or not would win ptp large amounts of support , but aint gonna happen.

Edited January 3, 2014 by tingtongfarang

[comeondoit]

Before the scheme the rice exporters had aknowledged a lot of Know How, such as how to find and treat clients, how to get payed in time, how to export the rice (including all paperwork) by rail, ship, container, you name it.

Sell rice and Mr. white lie can pay the farmers!!!!

Then suddenly unexperienced bureaucrats should do it and should know all that right now and especially know how to get a good deal.......just a little a common sense could tell you that the defeat and chaos was unavoidable. The governement is still not willing to learn anything, ...they would loose their face, if they would change the system now, a deadly sin in the land of smiles.

Sad is, even a new governement would/could not do it better

[jackrich]

I see everyone complaining about the rice pledging scheme. But how otherwise will farmers sell their rice? If the government can't sell it, I doubt the farmers will have any chance to sell it themselves.

Maybe they should start thinking about using the rice as bio fuel.

[JRSoul]

I see everyone complaining about the rice pledging scheme. But how otherwise will farmers sell their rice? If the government can't sell it, I doubt the farmers will have any chance to sell it themselves.

Maybe they should start thinking about using the rice as bio fuel.

The farmers have little chance of selling their rice because they were encouraged to increase production in a world glut, and now are in competition with their own government's massive stockpiles.

Bio fuel is alcohol, and like with your other stupid suggestion (whisky), requires distillery capacity. Do you have data that there is unused distillery capacity to turn over-priced rice into overpriced fuel or whisky? Should the government start building massive tanks to store it when it can't be sold, or sell it at market price and further increase their losses?

Maybe they should start thinking about getting rid of the morons that caused this huge mess. Oh, they have.

[klauskunkel]

Hello Mr. Finance Minister,

I know where you find new funding for this diseased scheme! Just get it from your cronies who got richer abusing the rice scheme...we can call it the "Offshore Account Pledging Scheme to Aide the Ailing Rice Pledging Scheme".

Thailand, the Hub of Scheme®s!

[belg]

no money

but they still want to continue this crap

brains & thais

remind me yesterday; saw one with a t-shirt :: DRINK BEFORE YOU THINK

that is about the attitude of the average thai

[oldthaihand99]

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

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

Legalize casino & sports gambling & open up some more dens of iniquity.

They are already a major source of income to LOS. Why not expand it?

Why let Macau, Cambodia & Singapore get Siam's share of the market?

Huge income is there for the government, besides the creation of jobs.

[jpeg]

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.

I remember around Taksin's tenure, a Thai official remarking that at least some previous PMs/pollies had funded hospitals and schools and asked 'Where is anything from Taksin and Pojamon? Nothing, nothing at all'. So yes, don't expect that tight fisted bastard to help the rice scammers out.

[hawker9000]

No debate? No clever rejoinders? Even the wordy Oxford-types staying silent? Where are the red-sympathizers and Thaksinistas hiding? Nothing to say? Come out come out wherever you are... Let's hear the other side of the story. Maybe we could dredge up something about how this is just the Thaksin-haters dancing around tribal fires, or maybe democratic opposition to an otherwise visionary and nation-serving economic program; surely SOME way to work in a good healthy Suthep condemnation!

[shaurene]

I said this before when they came up with the 500bt tourist tax. The top wigs told the ministers to come up with a money earner to pay for this stupid rice levy. I told you so.

[Baerboxer]

I see everyone complaining about the rice pledging scheme. But how otherwise will farmers sell their rice? If the government can't sell it, I doubt the farmers will have any chance to sell it themselves.

Maybe they should start thinking about using the rice as bio fuel.

You think its a good scheme then? Sound economics, expertly implemented and producing the much vaunted anticipated results.

Based on many of your previous posts, you probably do.

The rice exporting business was highly successful with Thailand as the world's number 1 exporter and Thai rice quality widely respected. Then along come PTP, which their great thinker. The screw if up completely bugger the industry, drive many farmers to the point of ruin, cost the country billions, and sour the image of Thai rice for a long time. Oh, but they did get lots of votes and seemingly made lots of money themselves, so maybe it did deliver the required results.

No one outside the chosen few knows the real extent of financial cost of this corrupt and ruinous scheme. Even in their death throes (hopefully) this inept regime are still trying to keep it running.