Thai Cabinet sets aside additional budget for 2016

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Cabinet sets aside additional budget for 2016

BANGKOK, 20 January 2016 (NNT) – The Cabinet has agreed to set aside an additional budget of 56 billion baht for the 2016 expenditure on various projects.

Following the Cabinet meeting, Government Spokesperson Maj Gen Sansern Kaewkamnerd reported that approval was granted to the guideline on the preparation of an additional expenditure budget of 56 billion baht for fiscal 2016.

The Cabinet also entrusted the Bureau of the Budget with studying the matter with other related agencies and bringing it back to the Cabinet for review on February 9. Afterwards, it will be deliberated by the National Legislative Assembly and is expected to be implemented in late February.

Of the extra budget, 15 billion baht will be spent on the expansion of broadband internet access, 8.3 billion baht on replenishing the state coffers and 32.6 billion baht on projects to strengthen and push the country forward in line with the national reform plan.

The budget will come from the government’s tax revenues and earnings from the National Broadcasting and Telecommunications Commission’s bidding of 4G licenses on both the 900- and 1800-megahertz spectrums.


-- NNT 2016-01-20

[rasmus5150]

Somebody needs new cars, houses, overseas shopping trips etc. etc.

Or was that the last government??????

[Eric Loh]

The government is blowing the top off the budget deficit and the next government will have to bear with the high debts. Parliament is where the accountability is being question but not now. It's spending in the dark with little transparency.

[Srikcir]

"8.3 billion baht on replenishing the state coffers"

Now that's what I call balancing the budget - if you overdraw your bank account, just get more money to replenish it. Where is the source for new funds?

The additional budget funds will come NOT from the government’s tax revenues. The government has gambled that permanent tax breaks and cuts would raise private sector capital for GDP growth. It hasn't and will not in 2016. The anticipated additional taxes from the inheritance tax, autos and properties will be largley uncollectable at best and remain a de minimus part of new funds.

Only the one-time revenues from the NBTC's sale of 4G licenses will help the budget shortfalls. The sale of oil & gas concessions will not occur in 2016 largley due to the low global value of oil.

But unlike elected governments, juntas don't have to worry about being accountable for re-election.

[Eric Loh]

Fiscal 2016 expenditure budget was set at 2.72 T Bt which is 2.9% deficit from 2.5% previous year. With a revenue forecasted at 2.4 T Bt which is highly questionable to achieve and the subsidies, additional budgets will stretched the treasury thin. Of course the government can borrow or issue bonds but will increase the debt to GDP level and possibly credit ratings. This can lead to higher cost of borrowing and placed extra burden in our already troubled economy. We are heading towards unknown territory and doesn't looks good.

[rubl]

I like the negative waves here, real helpful. As if the government should do nothing to please posters on TVF.

So, the deficit may be a little bit higher than planned. Well, the IMF lowered it's forecasts for the developing countries a few days ago, covering two years at least.

[Srikcir]

Is Prayut a man of his word?

[Prayut's] "government will maintain financial and monetary discipline, and will not resort to budgetary overspending in order to win support from the public.....Unlike an elected administration consisting of politicians who always think about getting re-elected, his government has no need for populist policies" (The Nation 2014-09-11)

When there are no checks and balances to the executive branch's unabated access to the national treasury, a budget by fiat results. Government fiscal irresponsibility continues unabated with no accountability.

[JAG]

Is Prayut a man of his word?

[Prayut's] "government will maintain financial and monetary discipline, and will not resort to budgetary overspending in order to win support from the public.....Unlike an elected administration consisting of politicians who always think about getting re-elected, his government has no need for populist policies" (The Nation 2014-09-11)

When there are no checks and balances to the executive branch's unabated access to the national treasury, a budget by fiat results. Government fiscal irresponsibility continues unabated with no accountability.

Is he a man of his word?

Well he said he wouldn't stage a coup.

He said he wouldn't make himself Prime Minister.

He said he would hold elections this year.

You tell me...

[billd766]

The government is blowing the top off the budget deficit and the next government will have to bear with the high debts. Parliament is where the accountability is being question but not now. It's spending in the dark with little transparency.

At least there is some transparency.

Where is/was the transparency in the rice (non) budget under the PTP?

[CantSpell]

"32.6 billion baht" for others...

Petrol price is down but Mai Noi's price went up...

[Eric Loh]

The government is blowing the top off the budget deficit and the next government will have to bear with the high debts. Parliament is where the accountability is being question but not now. It's spending in the dark with little transparency.

At least there is some transparency.

Where is/was the transparency in the rice (non) budget under the PTP?

Transparency was in full displayed with placards and figures in Parliament sessions. Not quite the same as the NLA now.

[rubl]

The government is blowing the top off the budget deficit and the next government will have to bear with the high debts. Parliament is where the accountability is being question but not now. It's spending in the dark with little transparency.

At least there is some transparency.

Where is/was the transparency in the rice (non) budget under the PTP?

Transparency was in full displayed with placards and figures in Parliament sessions. Not quite the same as the NLA now.

I think you meant "obfuscation was in full display with the RPPS figures".

Anyway, the 4.5 billion Baht rubber subsidy is coming from within the National Budget.

PS did you already download and read the 134 page, 30MB PDF on "Thailands National Budget in brief 2016 ?