PM grants awards to outstanding revolving funds

BANGKOK, 12 July 2016 (NNT) – Prime Minister Gen Prayut Chan-o-cha has given out outstanding revolving funds awards, recognizing the funds’ contributions to promoting people’s quality of life and the national economy.

Gen Prayut presided over the annual ceremony to award outstanding revolving funds which was organized by the Comptroller General’s Department. The awards were aimed at encouraging members of revolving funds to continue to improve their management and operations for higher efficiency in lifting the quality of life and driving the economy.

This year, there were 17 awards under four categories. Awards for outstanding works were given to the National Health Security Fund, the Thailand Research Fund and the Cooperative Development Fund. The Narcotics Control Fund and the Fund for Formal Education Schools were awarded for outstanding development, and the Fund for Science and Technology Development was awarded for outstanding management.

According to Finance Minister Apisak Tantivorawong, the Revolving Fund Act sets a budget ceiling for each fund in accordance with actual needs while any surplus funds will be transferred back to the Finance Ministry. There are currently 116 revolving funds, worth a combined 3.3 trillion baht, under the ministry’s supervision.

-- NNT 2016-07-12

any surplus funds will be transferred back to the Finance Ministry

Maybe put that into a National Submarine Fund and save the Junta from borrowing the purchase price from the Chinese.

any surplus funds will be transferred back to the Finance Ministry

Maybe put that into a National Submarine Fund and save the Junta from borrowing the purchase price from the Chinese.

Hopefully it will have a better result than the Rice Pledging Revolving Fund.

BTW IIRC the purchase of submarines was to come from the RTN budget, each purchase made as funds are available. No borrowing involved.

any surplus funds will be transferred back to the Finance Ministry

Maybe put that into a National Submarine Fund and save the Junta from borrowing the purchase price from the Chinese.

Hopefully it will have a better result than the Rice Pledging Revolving Fund.

BTW IIRC the purchase of submarines was to come from the RTN budget, each purchase made as funds are available. No borrowing involved.

Do you have evidence that the entire purchase price for only 1 submarine will be in the FY 2017 budget? It makes no sense from a military viewpoint to buy each submarine as it is funded in future years, especially when the next NLA is elected. Having a single submarine one might as well not have one at all from an operational viewpoint - you can't afford in terms of national security to put it in an active role without having a backup submarine.

The deal announced was that purchase of the 3 submarines was to be spread over 10 years. So yes, each year that the Thai government makes a payment of principal and interest, it will be funded by the Thai people. Having committed the Thai people to purchase 3 submarines now pre-empts a future elected NLA from cancelling further purchases - something I'm sure the NCPO seeks to prevent.

any surplus funds will be transferred back to the Finance Ministry

Maybe put that into a National Submarine Fund and save the Junta from borrowing the purchase price from the Chinese.

Hopefully it will have a better result than the Rice Pledging Revolving Fund.

BTW IIRC the purchase of submarines was to come from the RTN budget, each purchase made as funds are available. No borrowing involved.

Do you have evidence that the entire purchase price for only 1 submarine will be in the FY 2017 budget? It makes no sense from a military viewpoint to buy each submarine as it is funded in future years, especially when the next NLA is elected. Having a single submarine one might as well not have one at all from an operational viewpoint - you can't afford in terms of national security to put it in an active role without having a backup submarine.

The deal announced was that purchase of the 3 submarines was to be spread over 10 years. So yes, each year that the Thai government makes a payment of principal and interest, it will be funded by the Thai people. Having committed the Thai people to purchase 3 submarines now pre-empts a future elected NLA from cancelling further purchases - something I'm sure the NCPO seeks to prevent.

So 3 submarines are a national security necessity, one simply isn't enough? Perhaps PTP should have bought 60 over 3 years instead of wasting money on electoral bribes. How long would it have taken to pay back the B2 .2 trillion loan needed to prop up the rice scam?

Remember the topic is revolving funds, which the rice scam was (allegedly).

And I'm sure recipients revolve some funds into PM's bank account for making his wise choice of awarding those.