Promissory notes 'unlikely to raise targeted Bt20 bn for farmers'

[thaivapor]

BAAC affirms promissory notes will never expire

BANGKOK 27 February 2014 (NNT) — The Bank for Agriculture and Agricultural Cooperatives (BAAC) has affirmed that the promissory notes given to rice farmers will never expire, as the government is obligated by law to settle its debt.

Manager of the BAAC Luck Vajananawat has updated on the recent progress concerning the rice pledging scheme’s promissory notes, saying the BAAC will pay farmers everyday after receiving the funds transferred from the Ministry of Finance.

Moreover, the Cabinet has approved of 130 billion baht, and another 20 billion baht from the central budget, both of which are currently being forwarded to the Election Commission (EC) for further consideration. Mr. Luck stated that should the 2 amounts get a nod from the EC, the BAAC would be able to pay farmers the amount indicated on their receipts more quickly.

In regard to the farmers’ concerns over the promissory note expiration date, Mr. Luck reaffirmed that there is, indeed, no expiry date; and that the government is obligated by law to make all the payments to the farmers.

Strangely how this report totally flies in the face of the original OP with different people coming out with different things the government are trying to do to pay the farmers. So what the hell is the truth then?

The EC would never OK borrowing, they have already said NO. Or do the government feel more comfortable this time owing to the fact that several government ministers are threatening to sue the commission in the hope it will buy them leverage to force a YES?

[Robby nz]

BAAC affirms promissory notes will never expire

BANGKOK 27 February 2014 (NNT) — The Bank for Agriculture and Agricultural Cooperatives (BAAC) has affirmed that the promissory notes given to rice farmers will never expire, as the government is obligated by law to settle its debt.

Manager of the BAAC Luck Vajananawat has updated on the recent progress concerning the rice pledging scheme’s promissory notes, saying the BAAC will pay farmers everyday after receiving the funds transferred from the Ministry of Finance.

Moreover, the Cabinet has approved of 130 billion baht, and another 20 billion baht from the central budget, both of which are currently being forwarded to the Election Commission (EC) for further consideration. Mr. Luck stated that should the 2 amounts get a nod from the EC, the BAAC would be able to pay farmers the amount indicated on their receipts more quickly.

In regard to the farmers’ concerns over the promissory note expiration date, Mr. Luck reaffirmed that there is, indeed, no expiry date; and that the government is obligated by law to make all the payments to the farmers.

Strangely how this report totally flies in the face of the original OP with different people coming out with different things the government are trying to do to pay the farmers. So what the hell is the truth then?

The EC would never OK borrowing, they have already said NO. Or do the government feel more comfortable this time owing to the fact that several government ministers are threatening to sue the commission in the hope it will buy them leverage to force a YES?

Whats this, Moreover, the Cabinet has approved of 130 billion baht ?

I suspect someone has got that one wrong and it should be the 712 million.

Then it says : both of which are currently being forwarded to the Election Commission (EC) for further consideration.

So it would seem that they haven't even asked the EC yet.

It would seem the minister of white lies has got the authorities just as confused as everyone else.