Pattaya Daily News

08 February 2009 :: 13:02:52 pm 39214

Pm: Fiscal Reserves Sufficient For Needs

BANGKOK, Feb 8 -- Prime Minister Abhisit Vejjajiva said on Sunday the country‘s financial reserves are sufficient for current needs, despite expressed concern from some quarters, and that the government‘s budget for Fiscal 2010 expenditure, starting October 1, could be within two weeks.
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Speaking during his weekly Sunday morning television address, Mr. Abhisit said his government will introduce tax measures to support his government’s budget in order to prevent public debt from exceeding the legal ceiling.

He said the government needed to increase the budget because payment obligations totalled more than two-thirds of the entire budget while loans being sought internationally are meant to stimulate Thailand’s economy and not because of the shortage of fiscal reserves as feared by some portion of the public.

The prime minister gave assurances that the government’s economic stimulus programmes including pension fund for senior citizens could be implemented in March or April.

The Cabinet, he said, had assigned the Ministry of Finance to begin negotiating loans from overseas but “actual borrowing has not yet started.”

There is a need to explore for foreign loans because economic directions during the second quarter and the second half of this year are still unknown, Mr. Abhisit said.

If the economic situation deteriorates and the government’s economic stimulus programmes are still insufficient, then the government will spend funds borrowed from abroad, Mr. Abhisit said.

Earlier this week, Pongpanu Savetarun, director-general of the Public Debt Management Office, said Thailand’s public debt now stands at about Bt3.4 trillion, or equivalent to 37 per cent of gross domestic product (GDP).

Public debt at the end of Fiscal 2009, which ends on September 30, is estimated to rise to Bt3.9 trillion following the planned borrowing which is still lower than 41 per cent of GDP, said Mr. Pongpanu. (TNA)

Reporter : PDN staff   Photo : Internet   Category : Thailand News

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