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Government proposes plans on how to stablise Thailand’s GDP

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FILE PHOTO: Thai Finance Minister Uttama Savanayana - mof.go.th

In a bid to tackle the economic effects of the Covid-19 pandemic on the Thai economy, a proposal has been put forward by the Government’s Monetary and Fiscal Committee to preserve the ratio of public debt to gross domestic product by raising the budget cap and/or adjusting debt settlements.

Finance Minister Uttama Savanayana says “after a meeting with the committee yesterday, they have come with a move to ensure the country is financially strong to handle the crisis, the public debt to GDP ratio has to be maintained at 60%, despite the issuing of a Royal Decree authorising the Finance Ministry to get a 1 trillion baht credit limit.”

“The credit limit, which has not yet been implemented or approved, will allow the evaluation of figures periodically once the amount has been borrowed.”

“Loans will be gradually implemented by the Public Debt Management Office. These loans will be taken from financial institutions both within and outside the country. They can also be raised from the sale of bonds to the public.”

Director of Thailand’s Budget Bureau, Dechapiwat na Songkhla, says…

“The meeting considered adjusting the national budget in two parts.”

  1. The ratio of the central budget to the annual budget should be adjusted from 3.5% to 7.5% for the fiscal year of 2020-2021 in line with the 2020 Budget Expenses Act, which is currently being prepared. Under this, funds from different ministries will be transferred to boost the central budget by 80 billion baht to 100 billion baht.
  2. The portion for the repayment of loans, originally set at 2.5% of the total budget, should be adjusted to 1.5%. It is expected that this reduction will boost the 2020 budget by another 30 billion baht. “The prime minister has signed a draft notification for the State Finance and Finance Policy Committee to adjust the budget allocations and is waiting for it to be announced in the Royal Gazette before enforcement.”

“The budget transfer act will be considered at the next Cabinet meeting on April 21 at their weekly meeting and should be signed of at the end of May.”

As for budget adjustments for the 2021 fiscal year, the Budget Bureau is scheduled to deliver details of changes by April 22.

“According to the draft on fiscal 2021, 350 billion baht will be allocated to the Public Health Ministry. If there is a chance of reallocating 31 billion baht from the central budget, then an additional 10 billion baht will be given to the Public Health Ministry to spend on boosting the morale of doctors as well as procuring additional equipment.”

SOURCE: The Nation

 

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