Yingluck's rice-pledging scheme damages rise to 549 billion baht – says TDRI

[webfact]

Yingluck's rice-pledging scheme damages rise to 549 billion baht – says TDRI



BANGKOK: -- Total loss from the Yingluck government's implementation of the controversial rice pledging scheme has now jumped to 549 billion baht, up from earlier estimation of 542 billion baht, according to Thailand Development Research Institute (TDRI) yesterday.

TDRI researcher Nipon Puapongsakorn said the damage caused to the state by the rice-pledging scheme from latest assessment was put at 549 billion baht, an increase of 6 billion baht from previous estimation of 542 billion baht.

He then recommended that the Prayut government urgently sell out the entire rice stock in the warehouses within the next few years to ease further loss.

TDRI’s research of the scheme showed that the government of Ms Yingluck Shinawatra had sold rice at 29℅ lower than the market price.

But the present government sold the paddy at 20℅ lower, he said.

Of the over 17 million tons of rice now in government stocks, only 7.5 million tons had been sold out by the government during the past two years.

He recommended the government to speed up the rice selling, twice a month regularly to clear the entire stock within 2-3 years.

Source: http://englishnews.thaipbs.or.th/yinglucks-rice-pledging-scheme-damages-rise-549-billion-baht-says-tdri/


-- Thai PBS 2016-07-27

[robblok]

Wow,

That is twice the health budget in a year.. and the farmers did not even benefit a lot. Guess this is one of the worst scams ever. But it did help buying votes from farmers who thought they would cash in.

(should have given money to poor farmers directly.. would have had far more benefits and would have been cheaper) But of course would buy less votes.. and less chance to try fake G2G deals.

Edited July 27, 2016 by robblok

[stereolab]

There is a 1 billion baht discrepancy in the report by Thai PBS. The people you can trust!!

[djjamie]

Don't know why they call it yinglucks scam. It was her brothers scam.

Poor farmers are poorer and in more debt now than they ever were. Kinda what the PTP wanted to allow them to capture votes next election with the carrot always just out of reach.

Thank god for reform. The Junta have been a god send to these poor farmers.

[MZurf]

Don't know why they call it yinglucks scam. It was her brothers scam.

Poor farmers are poorer and in more debt now than they ever were. Kinda what the PTP wanted to allow them to capture votes next election with the carrot always just out of reach.

Thank god for reform. The Junta have been a god send to these poor farmers.

"The Junta have been a god send to these poor farmers. "

555555555555! Good one!

[worgeordie]

I wonder if they included all the warehousing charges,

which is on going everyday the rice is in storage.

They will never get to the bottom of where all the money

went,the farmers seem as poor as ever,but others will

have bank accounts in Panama,Switzerland Etc.

regards worgeordie

[anon467848]

Looks like the TDRI researcher Nipon Puapongsakorn needs to go back to school.... 542 to 549 billion is a 7 billion increase not 6 !! But what's 1 billion here or there..

With such a basic arithmetical error, how can anybody have any trust in his numbers...

[The stuttering parrot]

Yellow junta supporters should be thanking Yingluck for releasing her song today as it has the government fuming and needed a headline like this to bring you guys out of hibernation"

Pity we don't see so much enthusiasm on the human rights issues like arresting 8 year old girls etc.

Hey but you guys stick to your guns. We might see a few more Thaksin Yingluck headlines as the 7th gets closer so you can wind the clock back.

[Hawk]

"TDRI researcher Nipon Puapongsakorn said the damage caused to the state by the rice-pledging scheme from latest assessment was put at 549 billion baht, an increase of 6 billion baht from previous estimation of 542 billion baht.

Proof that the Thai education system is rubbish. Why didn't he use his calculator, 549 - 542 = 7?

[ramrod711]

Yellow junta supporters should be thanking Yingluck for releasing her song today as it has the government fuming and needed a headline like this to bring you guys out of hibernation"

Pity we don't see so much enthusiasm on the human rights issues like arresting 8 year old girls etc.

Hey but you guys stick to your guns. We might see a few more Thaksin Yingluck headlines as the 7th gets closer so you can wind the clock back.

Yellow Junta supporters. Please clarify, Junta cowardly or affiliated with yellows (whoever they may be), supporters yellow (cowardly or affiliated with yellows (whoever they may be). You seem to be stuck, playing the same tune over and over. Just because a poster despises a former government for their crooked thieving ways doesn't make them a junta lover, hugger, supporter, fan boy etc. You already know that of course but choose to name call rather than participate in reasoned discussion. I wonder why but suspect I already know.

[sjaak327]

Actually the question that needs to be asked is why the current government is in hibernation on this matter, part of the increased losses can therefore directly be contributed to the Junta.

[halloween]

Actually the question that needs to be asked is why the current government is in hibernation on this matter, part of the increased losses can therefore directly be contributed to the Junta.

Oh yes, blame those trying to resolve a bad situation, not those who created it. Should they have sold off the stockpile as fast as possible without regard to the incomes of those the original scheme was alleged to help? You might remember this from 2 days ago

Domestic paddy price for July surpasses 10,000 baht/tonne – the first in three years

2/3 of what PTP were paying for it, with absolutely no expectation of getting the people's money back.

Edited July 27, 2016 by halloween

[Holy Cinema]

Yellow junta supporters should be thanking Yingluck for releasing her song today as it has the government fuming and needed a headline like this to bring you guys out of hibernation"

Pity we don't see so much enthusiasm on the human rights issues like arresting 8 year old girls etc.

Hey but you guys stick to your guns. We might see a few more Thaksin Yingluck headlines as the 7th gets closer so you can wind the clock back.

Yellow Junta supporters. Please clarify, Junta cowardly or affiliated with yellows (whoever they may be), supporters yellow (cowardly or affiliated with yellows (whoever they may be). You seem to be stuck, playing the same tune over and over. Just because a poster despises a former government for their crooked thieving ways doesn't make them a junta lover, hugger, supporter, fan boy etc. You already know that of course but choose to name call rather than participate in reasoned discussion. I wonder why but suspect I already know.

Same way a lot of the Junta cheerleaders think that anyone who is anti junta=automatic red shirt, it's called stereotyping.

Goose and Gander?

[Eric Loh]

"He then recommended that the Prayut government urgently sell out the entire rice stock in the warehouses within the next few years to ease further loss".

So this government contributed to the loss by not keeping to their promise of selling all the rice stock within a year. TDRI should calculate the losses in revenue, storage & damages and claim from this government.

[soalbundy]

"He then recommended that the Prayut government urgently sell out the entire rice stock in the warehouses within the next few years to ease further loss".

So this government contributed to the loss by not keeping to their promise of selling all the rice stock within a year. TDRI should calculate the losses in revenue, storage & damages and claim from this government.

and i have still got the government chit saying they owe my wife for 50 tons of rice but hey that was only 3 years ago. The government bank was nice enough to say they would pay us for 30% of the claim, at 7% interest.

[sjaak327]

Actually the question that needs to be asked is why the current government is in hibernation on this matter, part of the increased losses can therefore directly be contributed to the Junta.

Oh yes, blame those trying to resolve a bad situation, not those who created it. Should they have sold off the stockpile as fast as possible without regard to the incomes of those the original scheme was alleged to help? You might remember this from 2 days ago

Domestic paddy price for July surpasses 10,000 baht/tonne the first in three years

2/3 of what PTP were paying for it, with absolutely no expectation of getting the people's money back.

I am taking the blame right from the OP:

Of the over 17 million tons of rice now in government stocks, only 7.5 million tons had been sold out by the government during the past two years.

He recommended the government to speed up the rice selling, twice a month regularly to clear the entire stock within 2-3 years.

"

There was an article recently that claimed now was a good time of any to offload some of the excess stock, that hasn't happened at a fast enough rate according to the OP.

[aussieinthailand]

Yellow junta supporters should be thanking Yingluck for releasing her song today as it has the government fuming and needed a headline like this to bring you guys out of hibernation"

Pity we don't see so much enthusiasm on the human rights issues like arresting 8 year old girls etc.

Hey but you guys stick to your guns. We might see a few more Thaksin Yingluck headlines as the 7th gets closer so you can wind the clock back.

Yellow Junta supporters. Please clarify, Junta cowardly or affiliated with yellows (whoever they may be), supporters yellow (cowardly or affiliated with yellows (whoever they may be). You seem to be stuck, playing the same tune over and over. Just because a poster despises a former government for their crooked thieving ways doesn't make them a junta lover, hugger, supporter, fan boy etc. You already know that of course but choose to name call rather than participate in reasoned discussion. I wonder why but suspect I already know.

The fact is that the Thaksin government has done much more and helped the poor and disenfranchised than any junta or Democrat government in the past and the people love them for it, and the Dems and junta and elites can't stand it as they think they should govern regardless and the rest of the people can take the table scraps and be thankful like the good old days...

Ye'p your right you don't have to be a junta supporter, hugger, fan boy for despising a previous government, and that works both ways, red's yellows, etc.

But when the same old few left here on TVF go all quiet and not "participate in reasoned discussion" when the junta threatens the rapporteur for doing his job.

Then claiming the government respects and adheres to International convention on freedom of the people, political expression and freedom of press all the while arresting charging and gaoling those that try to exercise those rights, where are you then??? It's hard to defend the in-defensible huh...

Or publicly claiming "dissident groups" vandalizing voter list and then the truth comes out that two 8 year old girls playing with the paper will be arrested charged because junta face must be saved your all quiet again. Some could suggest the few left have a serious problem with moral fiber and the lack of any.

Or when the mother of a protester is arrested charged and gaoled for not responding appropriately (in the junta's interpretation) to a comment sent to her on FB.

Then there's the weekly statement that the UN and the International community have no problem with any issues in Thailand blatantly lying to the public,,, Where are you few then??? You don't like the name junta hugger, fan boy,,,, then show some intestinal fortitude and when the junta criminlizes people for expressing an opinion, call them out on it and you may well fine your self with a little more credibility... ok then popit.

[Holy Cinema]

I thought that 90% Rice scam stock was unfit to sell, and was deemed unift for human consumption, and that all it would be good for is creating fertilizer or something like that?

So the question does require answering, why wasn't it sold off even at rock bottom prices just to get rid of it, if the moneys' lost it's lost, it's not turned up in anyone's banks yet despite 2 years of stringent investigation, a token jail sentence of a Miller in Khon Kaen, other than that, no bottom feeders, no middle men and none of the fat cats at the top have been found with an overly large amount of money in their accounts.

There was posters here who said people would sing like canaries once they started getting reeled in.....perhaps their ornithology isn't the best in the world?

No two doubts the scam was a monumental failure, and as much as some Anti Thaksin posters here keep saying, it's got nothing to do with the current crowd, actually yes it has, you don't aquire a used car lot from someone, then complain you can't shift/sell cars, and the cars are in shit state!

The problem with having such a huge stockpile, is that shifting large amounts of it could be considered dumping, and would cause the price to fall in line with the demand.

[robblok]

"He then recommended that the Prayut government urgently sell out the entire rice stock in the warehouses within the next few years to ease further loss".

So this government contributed to the loss by not keeping to their promise of selling all the rice stock within a year. TDRI should calculate the losses in revenue, storage & damages and claim from this government.

and i have still got the government chit saying they owe my wife for 50 tons of rice but hey that was only 3 years ago. The government bank was nice enough to say they would pay us for 30% of the claim, at 7% interest.

I am sure you loved the rice program, I wonder how many other farmers got screwed over like this by the PTP.

[williamgeorgeallen]

Don't know why they call it yinglucks scam. It was her brothers scam.

Poor farmers are poorer and in more debt now than they ever were. Kinda what the PTP wanted to allow them to capture votes next election with the carrot always just out of reach.

Thank god for reform. The Junta have been a god send to these poor farmers.

"The Junta have been a god send to these poor farmers. "

555555555555! Good one!

not just to the farmers. i can now get a lottery ticket at the correct price. not really sure it is worth it as it is getting harder to get a beach chair now and the skin cancer is killing me.

[williamgeorgeallen]

Actually the question that needs to be asked is why the current government is in hibernation on this matter, part of the increased losses can therefore directly be contributed to the Junta.

Oh yes, blame those trying to resolve a bad situation, not those who created it. Should they have sold off the stockpile as fast as possible without regard to the incomes of those the original scheme was alleged to help? You might remember this from 2 days ago

Domestic paddy price for July surpasses 10,000 baht/tonne the first in three years

2/3 of what PTP were paying for it, with absolutely no expectation of getting the people's money back.

I am taking the blame right from the OP:

Of the over 17 million tons of rice now in government stocks, only 7.5 million tons had been sold out by the government during the past two years.

He recommended the government to speed up the rice selling, twice a month regularly to clear the entire stock within 2-3 years.

"

There was an article recently that claimed now was a good time of any to offload some of the excess stock, that hasn't happened at a fast enough rate according to the OP.

some of the rice sales fell through as the buyers said the rice was substandard and refused to take it.

[Rayk]

Don't know why they call it yinglucks scam. It was her brothers scam.

Poor farmers are poorer and in more debt now than they ever were. Kinda what the PTP wanted to allow them to capture votes next election with the carrot always just out of reach.

Thank god for reform. The Junta have been a god send to these poor farmers.

Haha.

I was right on the money when I stated in a previous topic that the junta fanboy's only come out when the words PTP, reds, Thaksin or Yingluck are mentioned.

And low and behold, look who appears.

Edited July 27, 2016 by Rayk

[sahibji]

more that USD 20 billion.

that is a colossal figure whichever way

you look at it. if the farmers did not benefit, then

who did?

[GeorgesAbitbol]

This scam would have bring people the next elections to not vote for the Shinawatra. But the army/Suthep wanted to grab power quickly instead of waiting for the citizens to express their anger towards this scam. So their coup just helped the Shinawatra to not lose confidence from the grass roots.

[Bob12345]

Looks like the TDRI researcher Nipon Puapongsakorn needs to go back to school.... 542 to 549 billion is a 7 billion increase not 6 !! But what's 1 billion here or there..

With such a basic arithmetical error, how can anybody have any trust in his numbers...

Ever heard of "rounding numbers up"?

542.49 million => 542 million

548.51 million => 549 million

548.51-542.49 = 6.02 million which they round down to 6 million.

Maybe you need to go back to school.

[robblok]

This scam would have bring people the next elections to not vote for the Shinawatra. But the army/Suthep wanted to grab power quickly instead of waiting for the citizens to express their anger towards this scam. So their coup just helped the Shinawatra to not lose confidence from the grass roots.

Not really, if the coup had not happened they would have hidden this loss in the Chinese loan like they intended. This was the only way to make sure the country would not lose even more money. The army and the brave people who went on the streets even though they were bombed and shot at should all get medals for getting rid of the shins,

(how is that for spinning things i like your spin.. but mine is better)

[phantomfiddler]

Post her bail at 550 Billion and lets see how close big brother is

[Srikcir]

Prayut's government should love Yingluck's rice pledge program.

The Finance Ministry determined in October 2014 that Yingluck’s four rice pledging schemes resulted in a 510 billion baht loss. Now TDRI places the loss at 649 million baht loss – about 73% per annum growth rate! That makes her rice pledge programs the highest growth industry in Thailand.

[Baerboxer]

Prayut's government should love Yingluck's rice pledge program.

The Finance Ministry determined in October 2014 that Yingluck’s four rice pledging schemes resulted in a 510 billion baht loss. Now TDRI places the loss at 649 million baht loss – about 73% per annum growth rate! That makes her rice pledge programs the highest growth industry in Thailand.

If only Yingluck has chaired those pesky inconvenient meetings, studied and reviewed the accounts at those meetings and then made the information public there'd be no need to speculate on the figures.

Now why exactly do you think she, her ministers and MP's have steadfastly refused to do that?

[Baerboxer]

Yellow junta supporters should be thanking Yingluck for releasing her song today as it has the government fuming and needed a headline like this to bring you guys out of hibernation"

Pity we don't see so much enthusiasm on the human rights issues like arresting 8 year old girls etc.

Hey but you guys stick to your guns. We might see a few more Thaksin Yingluck headlines as the 7th gets closer so you can wind the clock back.

Yellow Junta supporters. Please clarify, Junta cowardly or affiliated with yellows (whoever they may be), supporters yellow (cowardly or affiliated with yellows (whoever they may be). You seem to be stuck, playing the same tune over and over. Just because a poster despises a former government for their crooked thieving ways doesn't make them a junta lover, hugger, supporter, fan boy etc. You already know that of course but choose to name call rather than participate in reasoned discussion. I wonder why but suspect I already know.

The fact is that the Thaksin government has done much more and helped the poor and disenfranchised than any junta or Democrat government in the past and the people love them for it, and the Dems and junta and elites can't stand it as they think they should govern regardless and the rest of the people can take the table scraps and be thankful like the good old days...

Ye'p your right you don't have to be a junta supporter, hugger, fan boy for despising a previous government, and that works both ways, red's yellows, etc.

But when the same old few left here on TVF go all quiet and not "participate in reasoned discussion" when the junta threatens the rapporteur for doing his job.

Then claiming the government respects and adheres to International convention on freedom of the people, political expression and freedom of press all the while arresting charging and gaoling those that try to exercise those rights, where are you then??? It's hard to defend the in-defensible huh...

Or publicly claiming "dissident groups" vandalizing voter list and then the truth comes out that two 8 year old girls playing with the paper will be arrested charged because junta face must be saved your all quiet again. Some could suggest the few left have a serious problem with moral fiber and the lack of any.

Or when the mother of a protester is arrested charged and gaoled for not responding appropriately (in the junta's interpretation) to a comment sent to her on FB.

Then there's the weekly statement that the UN and the International community have no problem with any issues in Thailand blatantly lying to the public,,, Where are you few then??? You don't like the name junta hugger, fan boy,,,, then show some intestinal fortitude and when the junta criminlizes people for expressing an opinion, call them out on it and you may well fine your self with a little more credibility... ok then popit.

The fact is Thaksin is a crook whose pinched billions out of the pockets of the Thai people. Sure he threw some crumbs to keep them happy when necessary. So loved that hardly any turned up at the red shirt "beat the war drum rallies" or protested when the corrupt last caretaker regime were removed.

You consistently defend the Shins, ignore their criminal convictions and long list of outstanding cases, and very dubious past activities and then comment on others credibility! Oh the irony.