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Pattaya Daily News

12 December 2008 :: 08:12:21 am 39680

New Government Needs 6 Months to Improve Credit Rating to Stable

BANGKOK, Dec 11 - Thailand‘s new coalition government now being formed will have to work hard and it will take at least six months to improve the country‘s credit rating to stable, a senior finance ministry official said Thursday.
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Director-General Pongpanu Svetarundra Thailand’s Public Debt Management Office said that international rating agencies are expected to evaluate Thailand’s ratings outlook again during the first quarter of 2009, and the new government must accordingly put the country’s best face forward and explain the general situation to the evaluating agencies during their visit.

His remarks were made after five international ratings agencies recently lowered the kingdom’s ratings outlook due chiefly to domestic political turbulence which resulted in the closing of Bangkok’s two airports by anti-government protesters, the dissolution of three political parties (including the ruling People Power Party) by the Constitution Court on charges of fraud during last December’s general election, and the ongoing global financial crisis.

While the current political vacuum and relative quiet as Thailand is welcome to the public as the political parties jockey for position in electing a new prime minister, the reality of a largely inactive government is also affecting the country’s economy badly.

Although the lowering of the ratings outlook has not yet negatively affected Thailand’s creditability, it could send a dangerous signal to foreign investors, Mr. Pongpanu said. Eventually, the country’s credit could be downgraded if nothing is done.

He said the new government must try to maintain two of Thailand’s strengths, th at is the kingdom’s ample international reserves compared to overseas debts, and financial discipline which could help lift theratings outlook. (TNA)

Reporter : PDN staff   Photo : Internet   Category : Thailand News

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