Coronavirus (Covid-19)EconomyPoliticsThailand

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

PHOTO: Facebook/รวมพลังสนับสนุน "คุณยิ่งลักษณ์ ชินวัตร" เป็นนายกรัฐมนตรี

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

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Maya Taylor

A seasoned writer, with a degree in Creative Writing. Over ten years' experience in producing blog and magazine articles, news reports and website content.


  1. Well so far very little is being done for the citizens despite these loans.
    Ferangs are feeding the poor. Other Thai charities are feeding the poor.
    Thailand had 151.96 tonnes of gold in January 2021. Gold is at the highest price for years.
    They should sell some gold, and cancel paying for submarines, space shots, and canals across the country.
    And stop these never ending lockdowns, plus quarantine for citizens who are asymptomatic.
    They are not ill. They can work. The Thais have to take the risk.
    Here in Phnom Penh the lockdown is off, even though there has been 3 deaths lately.
    The bars are open. The restaurants are open. Stores are open. Cambodia is taking the risk.
    The tiny risk of death from covid 19.

  2. This is the dirty work of the IMF. I told you guys. And you told me but Thailand can’t borrow money or something. We here it is, the king signed it into law.

    The leaked report in sept outlines that in return for imposing strict lock downs, they will get access to imf loans.

    Well here it is, I was correct again.

    Even better, it was passed as an off agenda deal with a special group to decide how and who gets the money. So basically it will go to prayut and his buddies. Told ya!

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