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Thailand asserts economic strength at World Bank forum
By English News



BANGKOK, April 15 – Caretaker Deputy Prime Minister/Finance Minister Kittirat Na-Ranong has given assurances to the world community that Thailand’s economic fundamentals remain strong despite the current political turmoil.

Speaking to the World Bank’s 89th Development Committee Meeting in Washington, DC, he said Thailand’s inflation was manageable while unemployment rate was low and international reserves rather high.

He said the country’s public debt vis-a-vis the gross domestic product was low and the financial status was strong.

Mr Kittirat represented 11 Southeast Asian countries in a speech advocating the World Bank’s development policy including economic development after the global meltdown, financial support for infrastructure development projects and natural disaster risk management.

He held bilateral talks with two World Bank executives, Sri Mulyani Indrawati and Axel Van Trotsenburg, on the global economy in relations to Thailand and a significant cooperation on the new Country Partnership Framework (2014-2017) in which the World Bank will assist in systematic country diagnostic in order to promote Thailand’s future economic and social development. (MCOT online news)


-- TNA 2014-04-15

[MaxLee]

Having a white liar representing Thailand in the Worl Economic Bank Forum, is solely a disgrace to Thailand.

I guess the World forum is laughing their behinds off by now...

[trainman34014]

Nice junket for him and his entourage paid for by the Thai people. Nobody on the World stage trusts anything said by a Thai Politician as they know the country is led by a constant stream of corrupt cheats and liars. I don't think many notes will have been taken during his speech !

[clockman]

But also can we trust any banker?

[ginjag]

But also can we trust any banker?

Sorry I was going to reply but noticed you said Banker----thought it could have been a typo.

[GeorgeO]

...such rhetoric is readily digested by the country's ill-advised domestic audience, but it holds very little credibility on the world stage...!!

[noitom]

The presentations of Thais at world forums are impeccable and beyond reproach. Everyone trusts Thais.

[NongKhaiKid]

If the country's finances are in such a sound state why can't the govt pay the rice farmers their long overdue pledge money ?

[JoePai]

If the country's finances are in such a sound state why can't the govt pay the rice farmers their long overdue pledge money ?

Please stop asking awkward questions

[NongKhaiKid]

If the country's finances are in such a sound state why can't the govt pay the rice farmers their long overdue pledge money ?

Please stop asking awkward questions

A thousand apologies wise one. i have extended my left arm wrist up so you can administer the necessary slap.

[slapout]

To put this assurance and subsquent plea for assistance into prespective. How many bankers will loan money to a known band of crooks who want to put up their word and other peopless/national assits for assurance of repayment?

[chainarong]

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The presentations of Thais at world forums are impeccable and beyond reproach. Everyone trusts Thais.

They don't seem to attract much attention in the Western Press though, quiet frankly neither has the protests lately.

[dcutman]

Kittirat Na-Ranong has given assurances to the world community that Thailand’s economic fundamentals remain strong despite the current political turmoil.

Of course he reiterated that household debt has nearly doubled in the last 3 years to 81% GDP and private sector debt has also risen to over 150% of GDP and is not worrying at all.

[Melyn]

If the country's finances are in such a sound state why can't the govt pay the rice farmers their long overdue pledge money ?

More importantly, why can't they pay the tax rebates on cars?

Sent from my Nexus 7 using Thaivisa Connect Thailand mobile app

[fab4]

Well ignoring the usual "if it's PTP, let's hate it" naysayers on here just what would have been the reaction and reflection on the confidence in the Thai economy if the Thai FM had not turned up?

Yes, that was the sage advice by several "astute political analysts" on here who were demanding that he testify to the NACC instead. Even now they are decrying this meeting as a junket.

[djjamie]

Caretaker Deputy Prime Minister/Finance Minister Kittirat Na-Ranong has given assurances to the world community that Thailand’s economic fundamentals remain strong despite the current political turmoil.

On the 8th of October - The World Bank said that the rice pledging scheme had proven to be the most costly and would ring up a bill of 115 billion to 150 billion baht per harvest. The reply - Deputy Prime Minister and Commerce Minister Niwatthamrong Bunsongphaisan today categorically dismissed the World Bank’s estimate that the Thai government will incur up to 400 billion baht in losses from the rice pledging scheme for two harvests.

Caretaker Deputy Prime Minister/Finance Minister Kittirat Na-Ranong had given assurances to the world community that more funding to meet the 270 billion baht target already approved by the cabinet to be used for the 2013-14 harvests was available.

Kittiratt lied to the Word Bank on the 8th of October and he lied to them again 6 months and 7 days later. He lied in-between and he will continue to lie up until the day he takes his last breath.

In other words he is a perfect PTP minister with a secure future with the regime provided it does not go down for lying to the people about the rice scheme.

[tim armstrong]

I don't understand how/why the foreign reserves are so high ? - as I assume this can easily be verified. If true why aren't they being used to help the local economy ? But I'm not an economist.

[MMarlow]

To put this assurance and subsquent plea for assistance into prespective. How many bankers will loan money to a known band of crooks who want to put up their word and other peopless/national assits for assurance of repayment?

To put things properly into perspective he wasn't pleading for assistance at all, Thailand doesn't need it.

[MMarlow]

Nice junket for him and his entourage paid for by the Thai people. Nobody on the World stage trusts anything said by a Thai Politician as they know the country is led by a constant stream of corrupt cheats and liars. I don't think many notes will have been taken during his speech !

Does your accusation that he is on a junket apply also to every other nation that is represented there, or do you reserve your venom solely to Thai-bash?

Does anyone on the "World stage" trust anything any politician says more than they do a Thai politician?

Edited April 15, 2014 by MMarlow

[siampolee]

MMarlow post # 18

To put things properly into perspective he wasn't pleading for assistance at all, Thailand doesn't need it.

This is indeed true,Thailand has in its own cultural mind a superiority over every other nation in this world in fact to hear the Thai national voice Thailand is paradise personified and doesn't need nor want foreigners advice.

“If you're going to do something, strive to do it better than anyone else. Do it all the way. If you're going to half-ass it, why bother?”

― Ashly Lorenzana

Edited April 15, 2014 by siampolee

[kimamey]

It seems he wasn't representing Thailand but 11 South east Asian countries although he had meetings discussing Thailand. I assume the focus on Thailand is down to editing by the Thai media.

I do wonder how long it will be before someone within the western nations asks why there are such high tariffs on imported goods if the Thai economy is so good.

[how241]

Why always the Thai bashing ??

[siampolee]

how241 post # 22.

Why always the Thai bashing ??

Ones reputation tends to dictate the way one is viewed by the public at large.

[winstonc]

Why always the Thai bashing ??

i fail to see how saying the truth on here is thai bashing...its a thai forum..should we say everything is hunky dory..and watch it continue going down said pan,,,not that we got the slightest influence over proceedings here..we can just leave as many people tell us to on here..

[laocowboy2]

They should ask Suthep to speak as well - in the interests of 'balance' of course. That would tell them more about what is really happening than anything else. Pity it would also zero out both potential FDI and any remaining international confidence in Thailand as a place with which to do business.

[Melyn]

Well ignoring the usual "if it's PTP, let's hate it" naysayers on here just what would have been the reaction and reflection on the confidence in the Thai economy if the Thai FM had not turned up?

Yes, that was the sage advice by several "astute political analysts" on here who were demanding that he testify to the NACC instead. Even now they are decrying this meeting as a junket.

He could still perform his party trick of saying that expected growth is 15% this year

Sent from my Nexus 7 using Thaivisa Connect Thailand mobile app

[darren84310]

I wonder if the farmers still waiting to be paid will be happy to hear that International Reserves are rather high.

[khunken]

If the country is indeed doing so well (Kittirat-speak) with no real government, why bother to have one?

[Carl64]

Asserts economic strength ???? Are you kidding! Can't pay rice farmers, can't pay tax rebates for new car scheme, can't pay public servants their promised bonus. Grow up!

[geriatrickid]

I don't understand how/why the foreign reserves are so high ? - as I assume this can easily be verified. If true why aren't they being used to help the local economy ? But I'm not an economist.

Various 3rd parties have blocked such activity. For example, the EC blocked any disbursements because of the election.

The House must approve such financial transactions and as it was dissolved for the election which the courts have now ruled must be held again. Unfortunately, the EC is blocking the next election, further delaying a newly elected House, which in turn could then vote on the disbursement