Farmers may be paid after Songkran

[Lite Beer]

RICE PAYMENT
Farmers may be paid after Songkran
The Nation

Chularat Suteethorn

BANGKOK: -- Payment is expected to be made after the Songkran Festival to farmers still owed money under the rice-pledging scheme, the head of the Public Debt Management Office said yesterday.

"Several types of borrowings may be made after the Songkran Festival. The amount may start from Bt5 billion or Bt10 billion, through to Bt100 billion, depending on the market situation and demand. About Bt100 billion is required for payments under the rice-pledging scheme," said PDMO director-general Chularat Suteethorn.

She said the likely forms of borrowing were term loans, financial negotiable notes and promissory notes.

"To prevent a bidding failure, the PDMO has tried to achieve greater understanding among financial institutions of the legal issues involved. They are less concerned [than during the previous, unsuccessful bidding to provide funding]," she said.

"We hope not to see a repeat of such a situation. We have looked at the market situation, and market liquidity is high. The PDMO is issuing government bonds as usual, and demand is two to three times over subscription," she added.

The issuance of Bt250 billion-worth of government bonds will go ahead as planned, said the PDMO chief.

Next month, the PDMO plans to launch bonds worth about Bt60 billion, and more bond issues will be introduced until the Bt90-billion limit is reached. In the previous six months, bonds worth about Bt100 billion were issued.

Commenting on Japan Credit Rating's (JCR)'s outlook downgrade on Thailand from stable to negative, Chularat said she saw it as a warning for the Kingdom's economic stability in the short and medium terms, which needed close monitoring.

The main risk to the Thai economy is the political unrest, which could affect growth in the next period through to the medium term, she added.

If the political stalemate is prolonged, it could impact on Thailand's credit rating. However, JCR remains confident in the country' strong fiscal policy, high foreign reserves, strong financial stability and robust financial institutions.

Currently, there is no single issue causing Thailand to face an economic crisis, she said.

"Monetary and fiscal stability is high. However, there may be concern over the political unrest, which could affect economic activities and growth in the next periods. These are the JCR's observations," she explained.

In the previous two months, two leading credit-rating agencies - Moody's Investors Service and Standard & Poor's - maintained their outlook on Thailand, given its strong fiscal stance and the stability of its financial institutions.

If the current political impasse can be broken by the formation of a new government, such political concern will end instantly, Chularat said, adding that the outcome of next year's credit-rating reviews depend on the country's economic and political situations.

"We hope the political situation will find a solution smoothly and rapidly … However, if there is a downgrade of the country's credit ratings, [borrowing] costs will be affected. Currently, there remains no effect on interest rates," she said.

She said that the JCR's downgrade of the Kingdom's outlook had not affected the markets as yet.

The yield curve is steeper for bonds with three- to 10-year maturities. However, the curve is relatively smooth for those with longer maturities, and long-term interest rates have not seen much change.

Rungson Sriworasat, Finance Ministry permanent secretary, said that for the rice-pledging scheme, the Budget Bureau reported the Foreign Trade Department had paid about Bt10 billion into the ministry's coffers, and that another Bt10 billion was expected by the end of May.

He said the Revenue Department, Excise Department and Customs Department had all been assigned to speed up their procedures and planning for tax collection in the next six months. A meeting to discuss this is scheduled for the middle of this month.

"It's certain that there will not be a shortfall in government revenue. We will not revise the revenue target, but will adjust operating procedures to allow revenue collection to achieve the targets," he added.

The official said the current fiscal year's budget, for items such as salaries and implementation, could be used if the fiscal 2015 budget had not been announced. However, the new investment budget could not be employed ahead of time.

According to a Comptroller-General Department report, budget disbursement has been on-target so far this fiscal year.

However, the budget for projects worth more than Bt1 billion may not be implemented, given their requirement for Cabinet approval.

"The Excise Department asked for the central budget to refund car buyers under the first-car scheme. The issue will be forwarded to the Cabinet for approval," said Rungson.

-- The Nation 2014-04-12

[khwaibah]

Just your normal source of bull shyt.

[NongKhaiKid]

The Bee Gees used to sing " they're only words and words are all i have to steal your heart away ".

In this instance ' steal ' has more than one meaning and is very appropriate.

Note too the headline says ' MAY be paid ' whereas the official says payment is ' EXPECTED ' to be made but means dependent on squillions being borrowed.

At least officialdom has a nice long holiday to work on a set of new excuses for use after Songkran.

[apetley]

My Father in law cut his rice in October and was told he would be paid in November, then December, then January, then February, then March and now MAYBE after Songkran.

Unbelievably disgraceful treatment.

[Mentors]

Maybe after Halloween but shure before Christmas...2016...

[slipperylobster]

All that water being tossed around must be making those Money Trees grow faster...

[Langsuan Man]

I can't believe that the farmers haven't shut down the country yet

Their tractor caravan got as far as Ayudhya but their leaders called off the rest of the trip to Bangkok because they were promised payment if they went home

So much for promises from this government

[MaxLee]

Just your normal source of bull shyt.

I 2nd that.... BS and white lies all the way

[Chupup]

I-3rd that absolute BS and spin, hope the farmers don't hold their breath...............

[slapout]

The ''Public debt mannagement office" is now tasked to find funding for payment to farmers ? Where is Kittyrat with his failed proposals, which this BS seems to be a repeat of?

It would appear ''team Shin'' has pressed the water boys and the cheer leaders into service, due lack of dedication and a sense of responsibility/fair play of the regular players.

[Pimay1]

I can't believe that the farmers haven't shut down the country yet

Their tractor caravan got as far as Ayudhya but their leaders called off the rest of the trip to Bangkok because they were promised payment if they went home

So much for promises from this government

I don't understand that either. I think someone got to the leaders with a "if you know what's good for you" message as there has not been another word from any of them.

(Reuters) - Thai farmers, angry at not being paid under a rice subsidy scheme, called off a protest tractor drive to Bangkok's main airport on Friday after an assurance they would get their money, some welcome news for Prime Minister Yingluck Shinawatra.

Former member of parliament Chada Thaiseth, speaking for the farmers gathered in Ayutthaya province, said they had been assured of payment.

"The government will make payment next week. The farmers will head back now and will see whether the government will pay as promised," he told Reuters. "If it isn't delivered, we will return."

[Melyn]

Farmers might not be paid after songkran....

Let's face it, the current impasse may go on for years

Sent from my Nexus 7 using Thaivisa Connect Thailand mobile app

[NamKAheng]

According to a Comptroller-General Department report, budget disbursement has been on-target so far this fiscal year.

So they knew what was the cost of the rice sheme failure.

[huanga]

Farmers may be paid after Songkran (with lip service) from PTP

Ok. Now the title is complete!

[scorecard]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

I can't believe that the farmers haven't shut down the country yet

Their tractor caravan got as far as Ayudhya but their leaders called off the rest of the trip to Bangkok because they were promised payment if they went home

So much for promises from this government

I don't understand that either. I think someone got to the leaders with a "if you know what's good for you" message as there has not been another word from any of them.

(Reuters) - Thai farmers, angry at not being paid under a rice subsidy scheme, called off a protest tractor drive to Bangkok's main airport on Friday after an assurance they would get their money, some welcome news for Prime Minister Yingluck Shinawatra.

Former member of parliament Chada Thaiseth, speaking for the farmers gathered in Ayutthaya province, said they had been assured of payment.

"The government will make payment next week. The farmers will head back now and will see whether the government will pay as promised," he told Reuters. "If it isn't delivered, we will return."

And they haven't been paid, and there is no substantive real actions to make the payments today.

And they haven't returned.

Something is clearly blocking their return to protesting.

Question: Is there some form of intimidation in play?

[Ricardo]

This is all financed by debt, but doesn't debt have to be repaid with-interest, at some point ?

Meanwhile the poor suffer as a result of Thaksin's/PTP's/Yingluck's policies, either when they are delayed payment for what they've grown, or when the consumers have to pay a higher-price for their staple-food.

[chainarong]

I don't know but I bet if I owed the US , OZ , UK , German governments or pick whoever you wish, any money , they would be knocking on the door after six months, business in the west would now be hard pressed and bankrupt, if the government didn't pay there bills after six months, so what is different about rice farmers in Thailand , nothing , except the present administration has no respect for it's good people, nor the law , the end result for trying to buy votes, one hopes that all farmers, not only the rice farmers, at the next election they think very hard before casting their vote and report any intimidation or violence, to Abhisit.

[rametindallas]

I can't believe that the farmers haven't shut down the country yet

Their tractor caravan got as far as Ayudhya but their leaders called off the rest of the trip to Bangkok because they were promised payment if they went home

So much for promises from this government

I don't understand that either. I think someone got to the leaders with a "if you know what's good for you" message as there has not been another word from any of them.

(Reuters) - Thai farmers, angry at not being paid under a rice subsidy scheme, called off a protest tractor drive to Bangkok's main airport on Friday after an assurance they would get their money, some welcome news for Prime Minister Yingluck Shinawatra.

Former member of parliament Chada Thaiseth, speaking for the farmers gathered in Ayutthaya province, said they had been assured of payment.

"The government will make payment next week. The farmers will head back now and will see whether the government will pay as promised," he told Reuters. "If it isn't delivered, we will return."

"Nice tractor (buffalo, house, etc.) you have there. it would be a shame if something happened to it", is the usual intimidation phrase in the US. I wonder what the Thai equivalent Is? These farmers, and their leaders, are relatively few and they are known in their community. How hard is it to intimidate them. The UDD have shut roads they were going to use to go to protest in Bangkok before. So, a house 'accidentally' burns down. Country people aren't stupid; they get the massage.

[rametindallas]

Farmers may be paid after Songkran

This headline is wrong. The farmers will definitely be paid after Songkran. The question is: How long after Songkran? Weeks? Months? Years?

Edited April 12, 2014 by rametindallas

[djjamie]

Payment is expected to be made

It used to be "We promise to make the payment by next week"

That one didn't work too well so they have changed to "expected"

The change from "promise" to "expected" is the best PTP initiative I have witnessed in 2 years.

Edited April 12, 2014 by djjamie

[Melyn]

According to a Comptroller-General Department report, budget disbursement has been on-target so far this fiscal year.

So they knew what was the cost of the rice sheme failure.

That would be like running a business by knowing only what you spend.

The P&L and balance sheet are still needed to complete the picture

Sent from my Nexus 7 using Thaivisa Connect Thailand mobile app

[jcb2001]

Farmers may be paid after Songkran

This headline is wrong. The farmers will definitely be paid after Songkran. The question is: How long after Songkran? Weeks? Months? Years?

How can the gov't borrow money to pay the farmers if there is no gov't, but a caretaker gov't. Are they trying a sneaky one?

[rametindallas]

Farmers may be paid after Songkran

This headline is wrong. The farmers will definitely be paid after Songkran. The question is: How long after Songkran? Weeks? Months? Years?

How can the gov't borrow money to pay the farmers if there is no gov't, but a caretaker gov't. Are they trying a sneaky one?

No. I'm pointing out how vague a time frame, 'after Songkran', is. All eternity is after Songkran; it's open-ended. For example. if I owe you money and I tell you I will pay you after Songkran and I pay you fifty years later, I haven't lied. Fifty years from now IS after Songkran. It's a stupid claim and a stupid headline that has no meaning in the real world.

[dutchisaan]

Ofcourse the farmers will be paid after songkran, they just didn't say what year!

Sent from my iPad using Thaivisa Connect Thailand mobile app

[davehowden]

"Currently, there is no single issue causing Thailand to face an economic crisis, she said."

Too true, it's more like a dozen or so!

[Tatsujin]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

I can't believe that the farmers haven't shut down the country yet

Their tractor caravan got as far as Ayudhya but their leaders called off the rest of the trip to Bangkok because they were promised payment if they went home

So much for promises from this government

I don't understand that either. I think someone got to the leaders with a "if you know what's good for you" message as there has not been another word from any of them.

(Reuters) - Thai farmers, angry at not being paid under a rice subsidy scheme, called off a protest tractor drive to Bangkok's main airport on Friday after an assurance they would get their money, some welcome news for Prime Minister Yingluck Shinawatra.

Former member of parliament Chada Thaiseth, speaking for the farmers gathered in Ayutthaya province, said they had been assured of payment.

"The government will make payment next week. The farmers will head back now and will see whether the government will pay as promised," he told Reuters. "If it isn't delivered, we will return."

And they haven't been paid, and there is no substantive real actions to make the payments today.

And they haven't returned.

Something is clearly blocking their return to protesting.

Question: Is there some form of intimidation in play?

Perhaps. Personally I put it down to simple blind stupidity and continuing to believe the lies of the people/the party who have consistently done nothing BUT lie to them . . . yet they still believe . . . bizarre.

[JesseFrank]

Keywords in this whole news report being

MAY BE

Edited April 12, 2014 by JesseFrank

[tim armstrong]

Take a look at the photo of Chularot above. It speaks volumes. The caption should read " I'm telling a bald faced lie, but I really,really want you to believe me!! - or, " If I tell you the truth - I may just be made to disappear ! "

[billsmart]

Many farmers have already been paid. My wife sold her rice in late October and when she brought her receipts to the bank she was 995 in the queue to be paid. That queue has been slowly going down and just last week she was 500. That would mean in our area (near Phetchabun) around half of the farmers have already been paid.

IMO if it were left up to Yingluck all the farmers would have been paid promptly as they have been for previous crops. She made a tactical error by dissolving the government BEFORE she had made arrangements to earmark and acquire these funds. I think she underestimated Suthep and did not think he would block the acquisition of these kind of funds.

The blame for the farmers not receiving prompt payment lies squarely on Suthep, not Yinkluck. Suthep is using this as a lever against Yingluck and apparently really doesn't care anything for the plight of the farmers. Of course I could have told you that years ago.

[antimedia]

Lets see if the loan can be paid in May for the last payment before talk of any more borrowing.