Thailand's caretaker Cabinet approves budget for first-car scheme reimbursement

[Bluespunk]

BAAC Launches Fund to Help Rice Farmers

Published on March 4, 2014 by TFP · No Comments

BANGKOK, 3 March 2014 (NNT) â A short-term Rice Farmerâs Fund has been established in order to pay farmers while they wait to be fully funded by the government. This fund has been made possible by donations and contributions based on the generosity of Thai people, said Suwimol Aonin, manager of the Ubol Ratchathani branch of the Bank of Agriculture and Agricultural Cooperatives (BAAC).

The fundâs value of 20 billion baht merely covers 20 percent of the total debt that the government owes the farmers. The fund can be divided into two types: with 0.63% interest, and another type without interest. In addition, there is a fund open for people to donate to the farmers directly, she said.

BAAC will manage the fund while waiting for money allocation to farmers. This is a way to help farmers and also triggers domestic consumption during the economic slowdown.

The bond matures in 8 months and is backed by government debt (i.e. a secure shortterm place to stick cash with the option of earning interest if you want to).

Added: Most of you are Farang I think. You're on a visa, which requires a deposit of 800,000 baht in a bank account doing nothing. I wonder if this bond counts as a deposit for that visa. It would be a nice gesture to support democracy if that money could be stuck in the BAAC account. Something the EC couldn't block, that would help democracy and help stimulate the economy AV/ST have messed up.

The EC is ensuring the govt follows the law, an essential aspect of democracy. The economy has been messed up by an incompetent govt with no grasp of economics if the rice scheme is anything is to go by. Suthep's lunacy has not helped I grant but he has only added to the situation PT's misrule created. I would not deposit a large amount of money in a bank that could use it to pay off the govts rice scheme debts. I might never see it again.

No, the EC was playing partisan politics and an Electoral Commission that fails to run an election is the opposite of democracy. A legally approved program should not have had its bond funding blocked, and to pretend they didn't have the authority (when in fact they have the legal obligation) is a disingenuous way of blocking it. Notice that when Yingluk let them 'mediate' the EC did an about-face and approved some of the bond issues. So much for not having the authority!

As to what the EC did with that mediation? Well let us remember.

A roadmap to resolve the country’s political impasse will be unveiled on Monday, said Mr Somchai Srisutthiyakorn, election commissioner for electoral affairs today (Friday).

He said that the roadmap was the joint effort of seven independent organizations which include the Election Commission, the National Anti-Corruption Commission, the Ombudsman’s Office, the Office of the Auditor-General, the National Human Rights Commission, the Office of the Attorney-General and the National Economic and Social Advisory Council.

Representatives of the seven organizations met today for a brainstorming session and they finally came up with a roadmap which will be announced at a press conference on Monday at the Office of the Ombudsman, said Mr Somchai.

They attempted to misuse their respective offices to take political power. There was a bit of frantic running around diplomacy that weekend, which resulted in a massive about face on Monday when they announced they'd only act as 'facilitators'.

So no, the blocking of bonds by EC for programs already passed into law is pure politics. When they did it just before an election, it went far beyond a bad choice.

The EC has from the start followed the rules laid for an election. That's the truth of it. Nothing you post/write there says any different.

The law states that new debt cannot be created by a caretaker govt. They told PT this, but did not block the raising of funds, they refused to approve it because no matter what it was for, it was illegal to do so. PT were told that if they did so it would they who face the consequences of any legal actions arising from doing so.

Why you see the roadmap as an attempt to seize power is a mystery to me, well maybe not why you see it as so, but the logic that lies behind your thought process that led you to that conclusion is. I don't doubt they ever intended to be anything but facilitators.

[Bluespunk]

"He said the savings account now amounts to almost Bt10 billion and is expected to reach Bt20 billion by the end of May."

WUT? THE <DELETED> IS HE TALKING ABOUT?

He is talking about 3 separate funds that the NACC (not the Govt) set up to help the farmers.

One is for donations, the other is a non interest bearing term deposit and the third is an interest bearing term deposit with, from memory, 0 .63% interest.

All of these are subscribed to by the PUBLIC and are nothing to do with the Govt raising money to pay the farmers.

If he is correct in saying the 3 funds are now up to almost 10 billion and could reach 20 billion it is only because the people of this country, from the goodness of their hearts, are helping the farmers.

I did read an article that gave the numbers but don't remember where.

I wonder how many of the PT pollies have contributed, donated ?

it was set up by BAAC ie Bank for Agriculture and Agricultural Cooperatives which is a state enterprise and therefore I think an underhand way of borrowing money for the 2nd ( no interest ) and 3rd ( small interest ) which can be withdrawn after 31 December , so the next Government is going to have to pay it back. Only money deposited in the first account is a donation and from memory it has the smallest amount

OK, There have been many announced rice sales

so on top of this is the "loan" from central funds

It is clear that 10 billion of this money was not paid to farmers

Can any one see through the FOG and tell us how much the government has actually PAID TO RICE FARMERS

Somewhere between not much and not even close to enough.

[shaurene]

Well when this lot goes there should be budget surpluses within the following years if the other lot that gets in do not come up with stupid ideas. Reminds me of all the labour governments in the UK give give out to the lazy bastards who worked out how they get more money sittin on their asses. Thank god for conservative and. Maggie who sorted them out. And I was from a staunch labour family in the back streets of mersyside but I worked my balls off and never wanted for anything.

Lookin forward to few of you labour poms to put your peneth in. Ha.

[khunken]

He is talking about 3 separate funds that the NACC (not the Govt) set up to help the farmers.

One is for donations, the other is a non interest bearing term deposit and the third is an interest bearing term deposit with, from memory, 0 .63% interest.

All of these are subscribed to by the PUBLIC and are nothing to do with the Govt raising money to pay the farmers.

If he is correct in saying the 3 funds are now up to almost 10 billion and could reach 20 billion it is only because the people of this country, from the goodness of their hearts, are helping the farmers.

I did read an article that gave the numbers but don't remember where.

I wonder how many of the PT pollies have contributed, donated ?

BAAC Launches Fund to Help Rice Farmers

Published on March 4, 2014 by TFP · No Comments

BANGKOK, 3 March 2014 (NNT) â A short-term Rice Farmerâs Fund has been established in order to pay farmers while they wait to be fully funded by the government. This fund has been made possible by donations and contributions based on the generosity of Thai people, said Suwimol Aonin, manager of the Ubol Ratchathani branch of the Bank of Agriculture and Agricultural Cooperatives (BAAC).

The fundâs value of 20 billion baht merely covers 20 percent of the total debt that the government owes the farmers. The fund can be divided into two types: with 0.63% interest, and another type without interest. In addition, there is a fund open for people to donate to the farmers directly, she said.

BAAC will manage the fund while waiting for money allocation to farmers. This is a way to help farmers and also triggers domestic consumption during the economic slowdown.

The bond matures in 8 months and is backed by government debt (i.e. a secure shortterm place to stick cash with the option of earning interest if you want to).

Added: Most of you are Farang I think. You're on a visa, which requires a deposit of 800,000 baht in a bank account doing nothing. I wonder if this bond counts as a deposit for that visa. It would be a nice gesture to support democracy if that money could be stuck in the BAAC account. Something the EC couldn't block, that would help democracy and help stimulate the economy AV/ST have messed up.

The EC is ensuring the govt follows the law, an essential aspect of democracy. The economy has been messed up by an incompetent govt with no grasp of economics if the rice scheme is anything is to go by. Suthep's lunacy has not helped I grant but he has only added to the situation PT's misrule created. I would not deposit a large amount of money in a bank that could use it to pay off the govts rice scheme debts. I might never see it again.

No, the EC was playing partisan politics and an Electoral Commission that fails to run an election is the opposite of democracy. A legally approved program should not have had its bond funding blocked, and to pretend they didn't have the authority (when in fact they have the legal obligation) is a disingenuous way of blocking it. Notice that when Yingluk let them 'mediate' the EC did an about-face and approved some of the bond issues. So much for not having the authority!

As to what the EC did with that mediation? Well let us remember.

A roadmap to resolve the country’s political impasse will be unveiled on Monday, said Mr Somchai Srisutthiyakorn, election commissioner for electoral affairs today (Friday).

He said that the roadmap was the joint effort of seven independent organizations which include the Election Commission, the National Anti-Corruption Commission, the Ombudsman’s Office, the Office of the Auditor-General, the National Human Rights Commission, the Office of the Attorney-General and the National Economic and Social Advisory Council.

Representatives of the seven organizations met today for a brainstorming session and they finally came up with a roadmap which will be announced at a press conference on Monday at the Office of the Ombudsman, said Mr Somchai.

They attempted to misuse their respective offices to take political power. There was a bit of frantic running around diplomacy that weekend, which resulted in a massive about face on Monday when they announced they'd only act as 'facilitators'.

So no, the blocking of bonds by EC for programs already passed into law is pure politics. When they did it just before an election, it went far beyond a bad choice.

99% misinformation.

AV/ST did not mess up the economy. PTP did and I'll give you 1% for Suthep's additional help.

The EC didn't fail to run an election - they were forced into running an election that they knew would be disrupted. The wonderful CAPO did absolutely nothing to prevent the disruption.

As for the the EC's efforts to facilitate negotiations on breaking the political impasse, it sounds like red shirt propaganda to accuse them of taking political power. None of the organisations involved, including the AG's office (staffed by PTP acolytes), would have any chance of taking power.

Everything the EC has done has been legally correct. PTP, the red shirts and supporters like you have used them as scapegoats to blame for the mess that PTP got the country into.