Govt to double 2018 provincial group development budget

 

 

AYUTTHAYA, 28 November 2016 (NNT) – The government will be doubling the provincial group development budget for the 2018 fiscal year to accommodate the Thai economic structure during the next 4-5 years and will be accepting suggestions from private sector, says DPM. 

Deputy Prime Minister Somkid Jatusripitak has given a lecture at the National Chambers of Commerce Seminar in Ayutthaya on the topic “Practical Innovations Driving Forward Thailand”, saying that the government is aiming to allocate 40 billion baht from its budget to the 2018 fiscal year for provincial groups. This will double the current amount of 20 billion, to be used to pursue the Thailand 4.0 goal at the regional level. 

The DPM says all unused budget for projects work less than 1 billion baht from 31 December 2016 will be re-allocated for provincial groups to use in order to lay the foundation for the nation’s economy during the next 4-5 years, and allow the new government to continue its projects without affecting the country’s financial status. 

Thailand’s current public debt ratio to GDP is at 42 percent, which is below the limit of 45 percent and still lower than 60 percent limit imposed in various countries, allowing the government to pursue more investments. 

The DPM has said Thailand’s adaptation and economic balance are affected from growth factors domestically and internationally, and the country must brace for changes of the global economy, specifically the expected changes in US economic policies under the Donald Trump presidency which may result in the cancellation of the TPP agreement. 

He has said the US will have to establish a substitute deal to the TPP, as the US cannot abandon the Asian market, while Thailand will be cooperating with the CMLV countries to prepare for global trade and investment, which is expected to increase in Asia. 

On this occasion, the DPM has accepted the white cover book which is a summary of this seminar, including the Ayutthaya Declaration to drive the country towards the Thailand 4.0 goal by raising the trade and service figure by 50-100 billion baht. This will expand the national economy by 0.4-0.7 percent, and help spur total economic growth in 2017 to reach 4 percent.

 

-- nnt 2016-11-28

" The government will be doubling the provincial group development budget for the 2018 fiscal year to accommodate the Thai economic structure during the next 4-5 years and will be accepting suggestions from private sector", says DPM. 

 

Hopefully the suggestions from the private sector will not just come from those who are well connected and who are selectively invited to submit such suggestions. 

9 hours ago, webfact said:

The government will be doubling the provincial group development budget for the 2018 fiscal year to accommodate the Thai economic structure during the next 4-5 years

The government can only budget for each fiscal year. So before the next elected government is installed likely in time for the 2019 fiscal year (Oct. 2018-Sept. 2019), Prayut's NLA will only be approving his budget for fiscal year 2018. The next government is not obligated to a 4-5 year economic plan and the Prayut-appointed Senate cannot initiate a budget plan.

9 hours ago, webfact said:

the US cannot abandon the Asian market

It certainly can abandon the Thai market. That's consistent with Prayut's refusal to join TPP, albeit against the recommendations of Somkid and Thai private enterprises.

Shouldn't the budget be the decision of the government voted into power next year in accordance with the roadmap? The current administration will be gone by then...

1 hour ago, baboon said:

Shouldn't the budget be the decision of the government voted into power next year in accordance with the roadmap? The current administration will be gone by then...

Yes the current administration will be gone by then,  possibly, maybe, sort of or more like " In the fullness of time, Minister ' !