Special Cabinet Meeting Called To Stimulate The Nation's Economy

[Jai Dee]

Caretaker PM today calls a special cabinet meeting to stimulate the nation's economy

Caretaker Prime Minister Thaksin Shinawatra called in top officials to an urgent cabinet meeting to find ways to stimulate the economy.

Key figures in the meeting included Deputy Prime Minister and Finance Minister Somkid Jatusripitak (สมคิด จาตุศรีพิทักษ์), Mr. Pracha Maleenont (ประชา มาลีนนท์), the Tourism and Sports Minister, the Deputy Minister of Finance, Mr. Preecha Laohapongchana (ปรีชา เลาหพงศ์ชนะ), and Deputy Prime Minister and Justice Minister Chitchai Wannasathit (ชิดชัย วรรณสถิตย์).

Government sources said the meeting will target on ways to increase the nation’s economic figures within 3 months.

However, Dr Somkid said the plans to boost the economy will not include the second half of the year due to the surging oil price.

Subjects high on the agenda also include narcotics, groups tending to put influence on society and the stimulation of the economy in the grass-root level.

Source: Thai National News Bureau Public Relations Department - 29 May 2006

[Jai Dee]

Cabinet mulls four-point plan to boost economy

Following a nationwide survey conducted last week, the Cabinet yesterday announced a tentative four-point plan to boost short-term economic performance and help households and small business owners cope with higher costs and receding purchasing power.

Proposals drafted during yesterday’s emergency Cabinet meeting on economic issues will be put to a final vote at today’s weekly Cabinet meeting. Political opponents and private sector economists dismiss the measures as more populist policies by the ruling Thai Rak Thai party ahead of the new election.

Included in the four-point plan are promotional programs to boost exports and tourism, both considered the country’s economic mainstays. Also suggested is increased monitoring of the prices of key household products. The Commerce Ministry regulates the prices of more than 100 consumer items, ranging from rice to cement.

The third point is to accelerate public spending in the 2005-2006 fiscal budget. More than 50 percent of the budget is still left over with the fiscal year closing at the end of September. Ministers are looking for ways to limit political red tape in order to increase budget disbursement.

The final point is to complete Suvarnabhumi Airport by September and begin construction of an inner-city mass railway line that includes a stop at the new international airport.

Caretaker PM Thaksin Shinawatra toured the facility last week and assured that there would be no further delays in the airport’s opening.

The Cabinet’s plan was loosely based on a survey conducted on May 24 and 25 aimed at gauging household concerns, covering a sample group of 1,973 people.

Around 73.63 percent wanted government intervention in transportation costs, 73 percent sought measures for economic stimulation and 58.63 percent wanted help in securing additional sources of funds.

“The government will target various groups of people and devise plans based on the groups’ needs,” Amporn Kittiamporn, secretary-general of the National Economic and Social Development Board, told media yesterday.

For instance, the Agriculture Ministry will be responsible for farmers and will coordinate with the finance and commerce ministries.

Their primary aim will be ensuring prices of key products over the next three months remain at levels acceptable to both consumers and farmers. Tentative plans include greater cooperation between cooperatives and industrial groups to increase volumes of value-added and export products.

The Agriculture Ministry is proposing training programs in the use of new technology. Farmers will also receive loans from the Bank for Agriculture and Agricultural Cooperatives at lower-than-market interest rates.

The Commerce Ministry’s primary goal during the next three months is to ensure that the cost of consumer products does not rise by more than four to 4.5 percent.

Source: ThaiDay - 30 May 2006

[Phil Conners]

Isnt' it amazing, one hand don't know what the other is doing. They want to stimulate the economy and at the same time they cut the inflow of a substantial amount of foreign money by tightening the enforcement of land ownership law.

TIT

[Jai Dee]

Government prepares measures to handle economic slowdown

The government is hastening the measures to alleviate the suffering of consumers during this period of economic slowdown resulted from the rising oil prices and inflation rates.

Mr. Ampol Kittiampol (อำพล กิตติอำพล), the Secretary of the National Economic and Social Development Board, conducted a press conference today, which was hosted by the Prime Minister Thaksin Shinawatra, and the event took five hours to complete.

The Prime Minister assigned key members of each ministry the task of surveying citizens in five aspects, such as in agriculture, labor, SMEs, government officials, and state officers.

Mr. Ampol stated that the meeting was meant to address solutions on how to handle the current economic slowdown resulting from rising oil prices and rising inflation rates.

Source: Thai National News Bureau Public Relations Department - 30 May 2006

[skippybangkok]

Sounds like tax breaks and free handouts again. Totally un-expected since the Election is on the way