Minister of Commerce makes request to borrow Bt40 billion to pay rice farmers

[webfact]

Minister of Commerce makes request to borrow B40 billion to pay farmers



BANGKOK, 21 April 2014 (NNT) – The Minister of Commerce said that the Ministry is looking to borrow 40 billion baht to pay farmers under the rice pledging scheme.

Mr. Niwatthamrong Boonsongpaisan, the Deputy Prime Minister and Minister of Commerce, said the Ministry of Finance and related agencies are considering the government’s request.

It is expected that things will be clearer within two weeks, after which the government will also ask for approval from the Election Commission (EC) to borrow an additional 40 billion baht from the central budget.

The Finance Ministry is confident that it will be able to repay the 20 billion baht loan to the central budget by mid-May before it is due on 31 May.


-- NNT 2014-04-22

[winstonc]

pathetic to the core smug look on his face needs wiping off.their treatment of these farmers is amazing..their still collecting their paycheck no-doubt..

[Robby nz]

Unfortunately I cant link to this but I am sure anyone who is interested will know where to look.

It would seem that the 20 billion they have already borrowed has as yet 'not' been paid to the farmers.

The other source says that 2-3 billion of the 20 billion (budget?) is expected to be paid to farmers in the coming days, plus income from recent rice sales.

However recent rice sales were earmarked to repay the 20 billion.

Or has the 20 billion been used to repay itself (less expenses) and in fact only the rice sales are to be paid to the farmers.

It was said earlier that 10 billion of the 20 billion had already been paid back leaving only 10 billion to be repaid next month.

Something smells very fishy about this or is it rotten rice I can smell ?

Borrow 20 billion, pay it back before time, now we have a history of prompt repayment so we can now ask for more.

[Scamper]

These announcements - apparently staged to suggest that this administration is actually functioning - are all entirely dependent - as they've been since December - on the EC. It doesn't matter what anyone else says. The EC has the final word, because - believe or not, technically we're still in an election campaign. But it needs to be reiterated, this is an administration that has no legislative authority. And it also needs to be reiterated that since December 9 this administration has had no publicly sanctioned mandate. These press conferences - such as they are - are really only for show.

Edited April 22, 2014 by Scamper

[JesseFrank]

But, but I thought they had sold at least 3 million tonnes over the past 6 weeks at prices way above market price. So why they need to borrow more ?

[Thaiisnotrequired]

Unfortunately I cant link to this but I am sure anyone who is interested will know where to look.

It would seem that the 20 billion they have already borrowed has as yet 'not' been paid to the farmers.

The other source says that 2-3 billion of the 20 billion (budget?) is expected to be paid to farmers in the coming days, plus income from recent rice sales.

However recent rice sales were earmarked to repay the 20 billion.

Or has the 20 billion been used to repay itself (less expenses) and in fact only the rice sales are to be paid to the farmers.

It was said earlier that 10 billion of the 20 billion had already been paid back leaving only 10 billion to be repaid next month.

Something smells very fishy about this or is it rotten rice I can smell ?

Borrow 20 billion, pay it back before time, now we have a history of prompt repayment so we can now ask for more.

Robby, you don't really believe in any of the rhetorical questions you just asked did you? Why ask? 555

has the 20 billion been used to repay the 20 billion?

You know where that's gone.... ...

Nothing has been paid back from the original recent borrows from the central kitty... and won't be... cause it can't be raised.

When fresh stocks are sold at legit prices, the CARETAKER govnt will be spilling beans of joyous triumph at new inroads into current debts...before another farmer is even paid again...

fishy? ......... it stinks... unfortunately....

Cos sis now won't talk to bro......... yeah right...

[chainarong]

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

Unfortunately I cant link to this but I am sure anyone who is interested will know where to look.

It would seem that the 20 billion they have already borrowed has as yet 'not' been paid to the farmers.

The other source says that 2-3 billion of the 20 billion (budget?) is expected to be paid to farmers in the coming days, plus income from recent rice sales.

However recent rice sales were earmarked to repay the 20 billion.

Or has the 20 billion been used to repay itself (less expenses) and in fact only the rice sales are to be paid to the farmers.

It was said earlier that 10 billion of the 20 billion had already been paid back leaving only 10 billion to be repaid next month.

Something smells very fishy about this or is it rotten rice I can smell ?

Borrow 20 billion, pay it back before time, now we have a history of prompt repayment so we can now ask for more.

Robbie , anything is possible in the L.O.S.

[Robby nz]

Unfortunately I cant link to this but I am sure anyone who is interested will know where to look.

It would seem that the 20 billion they have already borrowed has as yet 'not' been paid to the farmers.

The other source says that 2-3 billion of the 20 billion (budget?) is expected to be paid to farmers in the coming days, plus income from recent rice sales.

However recent rice sales were earmarked to repay the 20 billion.

Or has the 20 billion been used to repay itself (less expenses) and in fact only the rice sales are to be paid to the farmers.

It was said earlier that 10 billion of the 20 billion had already been paid back leaving only 10 billion to be repaid next month.

Something smells very fishy about this or is it rotten rice I can smell ?

Borrow 20 billion, pay it back before time, now we have a history of prompt repayment so we can now ask for more.

Robby, you don't really believe in any of the rhetorical questions you just asked did you? Why ask? 555

has the 20 billion been used to repay the 20 billion?

You know where that's gone.... ...

Nothing has been paid back from the original recent borrows from the central kitty... and won't be... cause it can't be raised.

When fresh stocks are sold at legit prices, the CARETAKER govnt will be spilling beans of joyous triumph at new inroads into current debts...before another farmer is even paid again...

fishy? ......... it stinks... unfortunately....

Cos sis now won't talk to bro......... yeah right...

If they or anyone is going to ask for another loan then they must first have paid back a previous loan or there is no way they will get another.

They are now asking for twice the amount they got before so it stands to reason that they will have to pay back the 20 billion before they will get it.

It should be noted that, what was the word they used, "Procedures" had to be gone through after the 20 billion was approved.

Those 'procedures' would probably have included someones 'commission' a nice earner.

If indeed rice sales in the period of the loan were enough to cover the loan and it has as yet 'not been paid to the farmers' then where was the need for the loan?

If the 20 billion was just to show a history of repayment in order to get more then it was just a scam and any 'commissions' from it were straight out corruption.

[ramrod711]

Unfortunately I cant link to this but I am sure anyone who is interested will know where to look.

It would seem that the 20 billion they have already borrowed has as yet 'not' been paid to the farmers.

The other source says that 2-3 billion of the 20 billion (budget?) is expected to be paid to farmers in the coming days, plus income from recent rice sales.

However recent rice sales were earmarked to repay the 20 billion.

Or has the 20 billion been used to repay itself (less expenses) and in fact only the rice sales are to be paid to the farmers.

It was said earlier that 10 billion of the 20 billion had already been paid back leaving only 10 billion to be repaid next month.

Something smells very fishy about this or is it rotten rice I can smell ?

Borrow 20 billion, pay it back before time, now we have a history of prompt repayment so we can now ask for more.

That stink in your nostrils is the government, they should be buried soon, before they become contagious.

[issanaus]

I don't think it so much about showing a repayment history - or at least not to the EC

I think it is more about misinformation to be used for political purposes. If you read very press release that related to the :loan: you would swear that 60 bil had been paid to farmers.

By the time they gained the approval of cabinet then the EC the 40 Bil they are seeking would provide a nice tidy sum to be used to smooth a few feather just prior to the election in July (if it goes ahead)

I think the EC should demand to see proof of what has been paid to farmers as a result of the "loan" then let them borrow a maximum of twice that - conditional on repayment with in a time frame.

[WoopyDoo]

Unfortunately I cant link to this but I am sure anyone who is interested will know where to look.

It would seem that the 20 billion they have already borrowed has as yet 'not' been paid to the farmers.

The other source says that 2-3 billion of the 20 billion (budget?) is expected to be paid to farmers in the coming days, plus income from recent rice sales.

However recent rice sales were earmarked to repay the 20 billion.

Or has the 20 billion been used to repay itself (less expenses) and in fact only the rice sales are to be paid to the farmers.

It was said earlier that 10 billion of the 20 billion had already been paid back leaving only 10 billion to be repaid next month.

Something smells very fishy about this or is it rotten rice I can smell ?

Borrow 20 billion, pay it back before time, now we have a history of prompt repayment so we can now ask for more.

Correct.

They have only paid out 10 Bn of the 20 they borrowed last time... 10 Bn is being held because they have only really managed to sell 10 Bn of the rice in storage, and so they are basically needing to use half of the loan principle to pay back by the deadline.

So they had 3 months to repay 20 Bn and only managed 10 Bn in sales, and can only foresee a few more Bn in sales by the time the repayment deadline arrives. So what they are admitting is that they can not sell 20 Bn worth of rice in 3 months like they said they could do and actually need to use principle to hit the deadline..... Absolute hilarity.

So they think they are actually in a position of asking for a further 40 Bn even though they could not even really afford the first 20 Bn?.... Utter crap!!

So theoretically if they get this 40 Bn that everyone knows they can't pay back.... They will be in the hole for 50 Bn....

They really believe the EC will go for this while everyone is on the verge of a decision of the next general election and this wouldn't be seen as the EC providing the PTP with a huge advantage by allowing them to pacify a large section of their voters whom their policies have dramatically failed to the point scores are killing themselves??.... This is OK is it?

If the EC release another baht to this bunch of inept criminals.... Then we can all fairly assume that the EC are in the pockets of the Thaksin regime.

The EC was first put in place for the simple reason of organizing and overseeing democratic elections, and so far they have turned a blind eye to all the election fraud and intimidation and paying off of officials etc... even murder... that has emanated from that particular party... They endorsed a 20 Bn loan which was against the principles of the constitution as it gave an advantage and lumbered an incoming government with extra budgetary debts.... and now they are to be asked for a decision on a further 40 Bn.

Come on then EC..... expose yourself.

Edited April 22, 2014 by WoopyDoo

[Old Man River]

But, but I thought they had sold at least 3 million tonnes over the past 6 weeks at prices way above market price. So why they need to borrow more ?

They sold at market. What they need to publicly disclose, if they have the guts, is to say how much they have received, how much were the costs, and how much they are paying the farmers that they're promised to pay before the 2011 election. It isn't hard.

Sent from my iPad using Thaivisa Connect Thailand

[siampolee]

The problem is that ''liars need good memories.''

We are aware of the mental faculties of the P.T P. members and their puppet master.

Perhaps the Minister of Commerce along with the puppet master and his cronies should take the test below,

[bigbamboo]

What about the cash from the one billion dollars worth of rice sales the Ministry of Commerce was bragging about last week?

Don't say it....... they were 'Kittiratting'.

[Dr Bruce]

These announcements - apparently staged to suggest that this administration is actually functioning - are all entirely dependent - as they've been since December - on the EC. It doesn't matter what anyone else says. The EC has the final word, because - believe or not, technically we're still in an election campaign. But it needs to be reiterated, this is an administration that has no legislative authority. And it also needs to be reiterated that since December 9 this administration has had no publicly sanctioned mandate. These press conferences - such as they are - are really only for show.

Thank you scamper, so you say that the farmers are not being paid until the EC gives the OK?

Would you care to state the same on the other thread, you know the one where the warehouse commission has stated that there is no rice missing.

[surangw]

or to paraphrase the old saying rom pom to pay pu

[webfact]

RICE
No rice-loan request
Piyanart Srivalo, Nakarin Srilert
The Nation

BANGKOK: -- Commerce Minister Niwatthumrong Boonsongpaisan yesterday refused to request an additional Bt40 billion loan from the central budget to pay farmers for their rice pledged to the government, saying it is the Finance Ministry's responsibility to borrow Bt90 billion under the scheme.

Niwatthumrong said his ministry would have to pay off the rest of the Bt20 billion loan from the central budget by the due date next month before considering seeking more loans.

The ministry managed to return Bt10 billion to the Finance Ministry last month after selling rice from its stocks and expects to hand over about Bt5 billion more this month.

To help farmers suffering from the overdue payments, the ministry is waiting for a loan organised by the Finance Ministry.

The government has paid about Bt100 billion to farmers, but Bt90 billion still remains overdue.

The Commerce Ministry has proposed to the Cabinet to extend the agreement with the Philippines for three years to trade rice on government-to-government contracts.

Thailand is committed to supplying one million tonnes of rice a year to the Philippines from next year to 2017. For this year, Thailand is expected to ship about 1.4 million tonnes to the Philippines.

Meanwhile, the Finance Ministry's Monetary Policy Committee reported to the Cabinet that the economy is expected to grow by 3 per cent this year, while exports will gradually recover in the remaining months.


-- The Nation 2014-04-23

[Robby nz]

RICE

No rice-loan request

Piyanart Srivalo, Nakarin Srilert

The Nation

BANGKOK: -- Commerce Minister Niwatthumrong Boonsongpaisan yesterday refused to request an additional Bt40 billion loan from the central budget to pay farmers for their rice pledged to the government, saying it is the Finance Ministry's responsibility to borrow Bt90 billion under the scheme.

Niwatthumrong said his ministry would have to pay off the rest of the Bt20 billion loan from the central budget by the due date next month before considering seeking more loans.

The ministry managed to return Bt10 billion to the Finance Ministry last month after selling rice from its stocks and expects to hand over about Bt5 billion more this month.

To help farmers suffering from the overdue payments, the ministry is waiting for a loan organised by the Finance Ministry.

The government has paid about Bt100 billion to farmers, but Bt90 billion still remains overdue.

The Commerce Ministry has proposed to the Cabinet to extend the agreement with the Philippines for three years to trade rice on government-to-government contracts.

Thailand is committed to supplying one million tonnes of rice a year to the Philippines from next year to 2017. For this year, Thailand is expected to ship about 1.4 million tonnes to the Philippines.

Meanwhile, the Finance Ministry's Monetary Policy Committee reported to the Cabinet that the economy is expected to grow by 3 per cent this year, while exports will gradually recover in the remaining months.

-- The Nation 2014-04-23

How does this correspond with the fact that Vietnam has just won the contract to supply 800,000 tons of rice to the Philippines by beating Thailand in the tender process ?

[gabruce]

But, but I thought they had sold at least 3 million tonnes over the past 6 weeks at prices way above market price. So why they need to borrow more ?

and I thought the 3 million tonnes was just a MOU with the Phillipines that if the Phillipines want's to buy rice at a price the Phillipines finds acceptable, they could buy up to 3 million tonnes over the next few (3? or 2?) years. Note that Manila did NOT buy Thai rice at the latest buying auction. They bought Vietnamese rice.

Generally it's a good idea to automatically disbelieve anything that the government appears to say without paying VERY CAREFUL attention to every single word.

[JesseFrank]

But, but I thought they had sold at least 3 million tonnes over the past 6 weeks at prices way above market price. So why they need to borrow more ?

and I thought the 3 million tonnes was just a MOU with the Phillipines that if the Phillipines want's to buy rice at a price the Phillipines finds acceptable, they could buy up to 3 million tonnes over the next few (3? or 2?) years. Note that Manila did NOT buy Thai rice at the latest buying auction. They bought Vietnamese rice.

Generally it's a good idea to automatically disbelieve anything that the government appears to say without paying VERY CAREFUL attention to every single word.

Below are news articles for 2.8 Million tonnes announced to be auctioned in Thailand in the past 2 months. A search on this forum will show at least anothe 1 million and add to that the 2 million they sold to China this year already, the 3 million they were suppossed to auction in the Phillipines and you will notice that since Suthep started protesting they sold more rice than the harvested in the past 5 years.

http://www.thaivisa.com/forum/topic/709620-over-1-million-tonnes-of-rice-to-be-auctioned-off-in-march/

http://www.thaivisa.com/forum/topic/718081-high-demand-seen-as-18-rice-traders-take-part-in-thai-govt-auction/

http://www.thaivisa.com/forum/topic/701854-thai-govt-plans-rice-auction-next-week/

[Robby nz]

Several stories in the last few days about the Commerce minister (I note they have dropped the caretaker) going to apply to the EC to borrow 40 billion.

Then suddenly No rice-loan request.

Now why could this be ?

Suddenly its not their business to ask but the finance ministers.

It would seem some disagreement has emerged between ministries.

Could it possibly be that someone's nose is out of joint because they didn't get their expected share of the 20 billion ?

Whatever, not a good sign for someone as it could end up with beans being spilt on the table particularly with some ministries or their staff becoming friendly with anti Govt forces and possibly having sympathy for the farmers.

[tomyummer]

The government is a 'Bernie Madoff' in disguise.

[Rob8891]

No rice-loan request.

Not my job....not my problem.....not my fault.

[fcbkk]

The government is a 'Bernie Madoff' in disguise.

the disguise is wearing thinner by the minute.

a 2 trillion "infrastructure" budget outside of regular accounting procedures might have made Bernie blush?