Thai Commerce says it can pay back rice loan in time

[webfact]

Commerce says it can pay back rice loan in time



BANGKOK: -- Commerce Minister Niwatthamrong Boonsongpaisarn said confidently that the government would be able to pay back the 20 billion baht it borrowed from the central budget by the end of May deadline.

Niwantthamrong expressed confidence Wednesday basing on the ministry’s continuous sales of rice since the beginning of the year.

With the good rice sales, he said the ministry therefore planned to request another 40 billion baht from the government to pay rice farmers joining the rice pledging program.

He said that the ministry had sold as high as 800,000 tons of rice in April and it had already returned 15 billion baht to the government.

The Finance Ministry would urgently help mobilize fund for the Commerce Ministry to pay the rice farmers and there would be more clarity on its rice payments this month, Mr Niwatthamrong said.

Regarding the country’s economy, the minister said he believed politics was the main problem and added that the economy would greatly slow down if the political impasse continues.

He said currently only exports and government spending were stimulating economy while consumer spending was declining.

Source: http://englishnews.thaipbs.or.th/commerce-says-can-pay-back-rice-loan-time/


-- Thai PBS 2014-05-01

[issanaus]

When you admit that you did not use 10 mil of the 20 mil you expose you first lie.

[NongKhaiKid]

Annie Lennox used to sing " Would I Lie To You ? " but to suit local sensibilities she should re-record as " Would I White Lie To You ? ".

[Tatsujin]

I'll ask again . . . does anyone have the actual figures that HAVE been sold so far and to whom? Not what they think or want to believe has been sold, actual hard figures that have been reported?

[WoopyDoo]

Last week he said by mid May now its the end of May.

BS after BS after BS.

Don't fall for this crap and give them another 40 Bn.... It is to continue a populist policy that is riddled with corruption and has crashed in style.... They want to preserve their votes in the swing constituencies... that is giving them an advantage in a run up to the election and is against the rules.

I hope the EC see straight through this.

No wonder Yingluck was kissing EC ar-se yesterday.

[chainarong]

I am not so sure of this , I have the calculator out , but I am sort of worried , have the rice farmers been payed on time , that was PTP obligation and they failed, why, I am also struggling with the calculator, these rice figures , can I ask for an independent audit.

[anon467848]

Have all the rice farmers been paid in full?? We haven't heard much from them in the last week or so...

[gabruce]

So does this mean they have sold rice for an average price of 18,750baht per ton? Or have they returned some of the borrowed money in hopes that by returning the original loan it will look like they can sell rice quickly? I thought that previous reports showed them selling rice (if they have actually sold any) for much less - nearer 10,000 baht/ton? Of course, either the government is adverse to publishing real numbers or the media refuse to publish real numbers.

[klauskunkel]

Commerce says it can pay back rice loan in time

Finally Thailand invented something: The Time Machine...and the first one to use it is this Commerce Minister with the real long name, going back one year to pay the farmers. Good job!

[Ricardo]

"He said that the ministry had sold as high as 800,000 tons of rice in April and it had already returned 15 billion baht to the government."

Note the magic let-out words "as high as".

And the lack-of-clarity about which sales the "returned 15 billion baht" were generated by.

These people would make a lot of money, from the cinema-queues & tourists in London, they're world-class buskers !

What's needed is full-transparency, but that won't ever happen, why should the taxpayers be told, where their money is going ?

[Lupatria]

The secret's in the dip: he said can not will.

[BillyBobThai]

By the time payout comes, many will have hung themselves or the loan sharks will have taken their pound of flesh.

[Scamper]

As ever, there are no figures as to how much of the loan has thus far been recovered - only consistently odd stories of " deals " - either planned or ongoing - that result in losses. One suspects that the EC will be justifiably skeptical regarding this 200 % additional request without verification and prudence.

[onlycw]

Quote: "With the good rice sales, he said the ministry therefore planned to request another 40 billion baht from the government to pay rice farmers joining the rice pledging program."

WTH? 1. If those are "good rice sales" (in the sense that the buyers have actually paid yet), then this guy deserved to get impeached and fired. 2. There are farmers who were driven to suicide - and these people sign up new farmers while they haven't paid the old ones?!? I'm speechless. So this guy keeps adding to the national debt, burdening our children with stupid debt while a P6 student can do the math that this wouldn't possible end well when the purchase price of rice is x times higher than the market (sale) price...

They have been playing with default. Imagine the USA not paying some multi billion Dollar subsidy since 2013 and what the ratings agencies would do about this fact?!?

TBH, I haven't a clue about Thai politics, but the economic side of this scheme is truly sickening.

Yeah, keep signing up more new customers, even though the old ones haven't gotten paid yet. One cannot make up such stuff!

[issanaus]

Quote: "With the good rice sales, he said the ministry therefore planned to request another 40 billion baht from the government to pay rice farmers joining the rice pledging program."

WTH? 1. If those are "good rice sales" (in the sense that the buyers have actually paid yet), then this guy deserved to get impeached and fired. 2. There are farmers who were driven to suicide - and these people sign up new farmers while they haven't paid the old ones?!? I'm speechless. So this guy keeps adding to the national debt, burdening our children with stupid debt while a P6 student can do the math that this wouldn't possible end well when the purchase price of rice is x times higher than the market (sale) price...

They have been playing with default. Imagine the USA not paying some multi billion Dollar subsidy since 2013 and what the ratings agencies would do about this fact?!?

TBH, I haven't a clue about Thai politics, but the economic side of this scheme is truly sickening.

Yeah, keep signing up more new customers, even though the old ones haven't gotten paid yet. One cannot make up such stuff!

In business I believe this is in most countries called trading while insolvent and usually results in the directors being personal liable as well as facing financial penalties, bands from holding office and possible goal time . Ummmmmmmm.......

[onlycw]

LIFO ? Last-in => First-Out. How evil is this?!?

These politicians really lost the plot!!

[Robby nz]

Suspect that they haven't really paid any of the 20 billion out to farmers at all.

Instead taken a commission (handling charge) and pocketed the interest received from holding the money for 2 months.

Then paid the loan back with the money borrowed plus some of the money from rice sold to make up for the skim off the top.

How much rice has been sold in April is another story.

As the man says, It could be as much as 800k tons, but then again it could be as little as zero.

[smedly]

I'll ask again . . . does anyone have the actual figures that HAVE been sold so far and to whom? Not what they think or want to believe has been sold, actual hard figures that have been reported?

questions I would have regarding these sales

1. Who did you sell the rice too

2. If true and actual physical rice was sold - where did it come from ? Thailand or Cambodia (NACC)

3. Central budget will now be owed 60billion by the end of May - how are you going to pay it back

4. Once all the farmers have been paid what they are owed from October November December what is the new total owed including January February March as the scheme is still running

[winstonc]

its still the topic where the reds fail to enter the debate....for the life of me i cant figure out why... ..perhaps the good doctor could enlighten me..or pipkins..

[louse1953]

When is time,when Taksin says so.

[GAZZPA]

Oh dear, this statement has so many holes in it I'm not sure I want to list them as I am sure we all know what they.

I will make this one though. The rice has been sold at a loss so although they may be able to make this payment eventually there will be no rice left to sell (or they can't sell whats left due to condition) and a payment will be due that they cannot pay. It's a time bomb and one day it will explode.

As for continuing with the scheme that is absolute lunacy. Continuing to do something that is a proven failure is the very definition of stupidity. Get these people out of the decision making process as soon as possible before the country has a decades worth of damage to repair.

[louse1953]

its still the topic where the reds fail to enter the debate....for the life of me i cant figure out why... ..perhaps the good doctor could enlighten me..or pipkins..

They are in the long line,waiting to be paid.They cant even email,still waiting for the kids tablet.

Edited May 1, 2014 by louse1953

[ChrisY1]

I'll ask again . . . does anyone have the actual figures that HAVE been sold so far and to whom? Not what they think or want to believe has been sold, actual hard figures that have been reported?

questions I would have regarding these sales

1. Who did you sell the rice too

2. If true and actual physical rice was sold - where did it come from ? Thailand or Cambodia (NACC)

3. Central budget will now be owed 60billion by the end of May - how are you going to pay it back

4. Once all the farmers have been paid what they are owed from October November December what is the new total owed including January February March as the scheme is still running

It's a secret....no-one's allowed to know whats going on...this is how this government has been doing it for the past almost 3 years....they dont change!!

[MaxLee]

"Commerce says it can pay back rice loan in time"

What BS white lie...

Edited May 1, 2014 by MaxLee

[ggt]

It is already too late...for many rice farmers...taking their own lives...because of gov't ineptness...

[surangw]

action speaks louder than words. show us the money

[Farma]

Have all the rice farmers been paid in full?? We haven't heard much from them in the last week or so...

All the farmers in my wifes village are still waiting to be paid for septembers rice.

Meanwhile our local BACC continues to have fortnightly morlum parties for its staff.

[moe666]

When they started this scam 3 years ago the reds where all over it how great it would be for the farmer but now not a word of support or denial or the truth. What a failure for Thailand. Do not worry about sales, who has seen a oz. of rice loaded on a ship to export.

[MaiChai]

Does the concept of "public accounts" exist in Thailand? If proper figures were available, as they are in real democracies, then we would know the true story. I am not sure what figures can be believed. All i can say is the Thai people deserve better government than this.

[PaullyW]

Does the concept of "public accounts" exist in Thailand? If proper figures were available, as they are in real democracies, then we would know the true story. I am not sure what figures can be believed. All i can say is the Thai people deserve better government than this.

Hi, I agree with the first sentence but strongly disagree with the second. Thais deserve exactly what they have. You don't deserve something if you make no sacrifices or other efforts to attain it.