Thai Finance says it cannot pay rice farmers by January 15

[webfact]

Finance says it cannot pay farmers by January 15



BANGKOK: -- The deputy finance minister admitted today that the government is unable to pay all farmers by today as earlier demanded by the rice farmers, citing complicated administrative procedure.

Deputy Finance Minister Thanusak Lekuthai said the government has earlier promised to pay rice farmers by January 15 but now could not fulfill the promise to pay all by the time because of disruption by complicated administrative procedure.

But he assured that the Bank for Agriculture and Agricultural Cooperatives is now gradually paying farmers at a sum of three billion baht a day.

He believed that with the resolutions of the BAAC board and the Cabinet, about 55 billion baht from the bank’s liquidity could be spared for use in the rice payment.

He also said the additional fund that the caretaker government could use to pay farmers will derive from the money which it obtained from rice sales and partly from the bank’s liquidity.

Earlier the bank union Prasit Pahome threatened to take the case to the National Anti Corruption Committee, the Election Commission, and the Constitutional Court if the bank’s board insisting on using the bank’s 180 billion baht liquidity to pay the rice as requested by the government.

He said using the bank’s liquidity would undermine the financial stability of the bank and could wreck the confidence of depositors.

He would also ask for cooperation from all state unions to oppose the government’s plan to use its liquidity for such purpose.

He said the bank has to reserve 60 billion baht of its 180 billion baht liquidity as required by the central bank, and the rest for the bank’s operations, and refund due deposits.

Source: http://englishnews.thaipbs.or.th/finance-says-pay-farmers-january-15/


-- Thai PBS 2014-01-15

[rubl]

"Deputy Finance Minister Thanusak Lekuthai said .... .... But he assured that .... ...."

Now that's a real surprise!

[theslime]

Complicated Administrative procedure, Mai mee satang krap.

[noikrit]

Nope !!! Need that BIG ( infrastrcture) LOAN .... .. Now where did that money go ??????

[Valentine]

I hope they do not drive the bank into bankruptcy as there must be millions of country people who have savings with them which are now being used to pay for the rice.

[JRSoul]

Thaksin thinks, PTP lies.

[Thai at Heart]

Woooops

[robblok]

I hope they do not drive the bank into bankruptcy as there must be millions of country people who have savings with them which are now being used to pay for the rice.

I am sure that would not happen, because the PTP would never ever win an election if they did. They would touch private saved money of their own. They can't be that stupid can they ?

[Valentine]

I hope they do not drive the bank into bankruptcy as there must be millions of country people who have savings with them which are now being used to pay for the rice.

I am sure that would not happen, because the PTP would never ever win an election if they did. They would touch private saved money of their own. They can't be that stupid can they ?

Greed may override stupidity.

[Mosha]

Is anybody actually surprised? Well barring the rice farmers that is.

[Prbkk]

good advice would be to exercise extreme caution in voicing any outrageous position on this topic

[NongKhaiKid]

Complicated Administrative procedure, Mai mee satang krap.

The govt has regularly ignored administrative procedure even laws until they need a convenient excuse and this could backfire big time.

[robblok]

good advice would be to exercise extreme caution in voicing any outrageous position on this topic

Good advice would be to feel the wind of change... who knows the new rulers might read this forum too.

That remark is similar to yours and is of equally stupid and only used to try to instill fear as normal arguments wont win your case.

Edited January 15, 2014 by robblok

[PatOngo]

Orrrr Horrr...there goes the loan repayments on the pickup,the mosai and the iron buffalo.

[Bluespunk]

"The deputy finance minister admitted today that the government is unable to pay all farmers by today as earlier demanded by the rice farmers, citing complicated administrative procedure."

The complication being they don't have the money.

[Robby nz]

If they force the bank to use depositors money to pay the farmers it could trigger a run on the bank.

As in get your money out quick before there's none left.

Like the farmers leader said, they are not stupid, they know whats going on.

[Ricardo]

But the deadline of 15th January was repeatedly promised, by the panicking caretaker-Government, not at all "as earlier demanded by the rice farmers".

And so now, it's not the rice farmers who were unreasonable, but the Ministers who failed to keep their word.

Why on earth did the government deliberately cause this confrontation, with some of their core-supporters, just before an election ?

[Prbkk]

good advice would be to exercise extreme caution in voicing any outrageous position on this topic

Good advice would be to feel the wind of change... who knows the new rulers might read this forum too.

That remark is similar to yours and is of equally stupid and only used to try to instill fear as normal arguments wont win your case.

I did use "outrageous" as the qualification. The usual level of just plain stupid is to be expected

[Robby nz]

good advice would be to exercise extreme caution in voicing any outrageous position on this topic

Why ? is someone going to report us to CAPO.

[Tatsujin]

Now you know why they are in a rush for elections ... there's no money in the kitty and there won't be any until they can take out a new loan. Robbing Peter to pay Paul and I think finally "some" of their loyal fan base are seeing through the charade.

[Tatsujin]

good advice would be to exercise extreme caution in voicing any outrageous position on this topic

Why? Aren't you able to defend them any longer so need to resort to scare tactics?

[rubl]

good advice would be to exercise extreme caution in voicing any outrageous position on this topic

Good advice would be to feel the wind of change... who knows the new rulers might read this forum too.

That remark is similar to yours and is of equally stupid and only used to try to instill fear as normal arguments wont win your case.

I did use "outrageous" as the qualification. The usual level of just plain stupid is to be expected

With your posts in the past in mind I wonder about that 'outrageous'. It might be that you try to imply all that you do not agree with, all anti-this-caretaking-government, and so on.

[icare999]

must be really bad if they can't even find money to pay their main supporters their bribe money for voting for them ?? are they rely so stupid as to steal it all but then I guess lets empty place before we run

Don't worry Issan just carry on voting for them and keep getting screwed by them

Serves them right

[robblok]

Now you know why they are in a rush for elections ... there's no money in the kitty and there won't be any until they can take out a new loan. Robbing Peter to pay Paul and I think finally "some" of their loyal fan base are seeing through the charade.

That is an overly positive view, as long as there are foreign red supporters defending it all the presumably lower educated and with even less access to non bias news Thai farmers will not see the truth.

They even believe that the demonstrators burned the documents needed to pay them.

[scorecard]

good advice would be to exercise extreme caution in voicing any outrageous position on this topic

You mention outrageous.

Well here's a guote from the article:

"He believed that with the resolutions of the BAAC board and the Cabinet, about 55 billion baht from the bank’s liquidity could be spared for use in the rice payment."

It that outrageous? What's your opinion Prbkk?

[ChrisY1]

Er...Kitirat....what happened.....you said................((((((....bugger!

[abhaya]

http://www.youtube.com/watch?v=zdCUpiI1MSA

[AleG]

Ray Charles would had seen this coming. Now the only solution they can come up with is to use the bank's liquidity to prop the scheme up one last time. Bank runs have been propitiated by less than that.

Thaksin/PTP is desperate, they are resorting to increasingly more desperate measures, never mind what damage they may cause to the country and its people.

Complicated Administrative procedure, Mai mee satang krap.

Maybe Kittirat forgot his PIN?

[MJP]

They'll print the money. I can honestly see quantitative easing coming to Thailand within the next month or so. They have no AAA rating to lose and the Baht needs to come down a bit more to help the export sector.

It looks like the only way out of this.

[zydeco]

I hope they do not drive the bank into bankruptcy as there must be millions of country people who have savings with them which are now being used to pay for the rice.

I am sure that would not happen, because the PTP would never ever win an election if they did. They would touch private saved money of their own. They can't be that stupid can they ?

You've got to rob the banks, because that's where the money is.