Former Finance Minister petitions to revoke approval of government’s 700 billion baht loan

A former politician, who served as Finance Minister from 2011 to 2012, is petitioning the Supreme Administrative Court to revoke approval for the government’s 700 billion baht loan. Cabinet recently approved an executive decree that allows the government to borrow the funds, in order to restore Thailand’s decimated economy and combat the Covid-19 crisis.

Thirachai Phuvanatnaranubala says he doesn’t object to getting the economy going again, but says the loan decree itself is unconstitutional and illegitimate.

“We aren’t opposed to the borrowing because we are aware of people’s plight, and the country needs money to combat the pandemic. But we have to ensure compliance with the charter.”

According to a Bangkok Post report, he says measures to ensure transparency and fiscal discipline were removed. Instead, the Cabinet appointed a committee to choose and propose projects for consideration. Thirachai says the committee also has the power to supervise projects and introduce regulations, potentially leading to irresponsible spending. He is also calling on the court to revoke the 1 trillion baht loan decree that was approved during the first Covid-19 wave last year.

The opposition Pheu Thai party has also vowed to vote against the national budget when it is put before Parliament on May 31.

Meanwhile, PM Prayut Chan-o-cha says new measures being introduced will help small and medium businesses and save jobs, as well as encouraging public spending to boost the economy. According to deputy PM, Supattanapong Punmeechaow, more details will be forthcoming from the Finance Ministry.

SOURCE: Bangkok Post