Economic ministers reiterate borrowing bill transparent

BANGKOK, March 23 (TNA) – Thai economic ministers reiterated Saturday the bill allowing the government to borrow two trillion baht for investment on transport infrastructure development in Thailand is prepared in accordance with the law and is “very transparent”. Speaking during the weekly TV and radio programme sponsored by the prime minister, Deputy Prime Minister and Finance Minister Kittirat Na-Ranong along with Transport Minister Chadchart Sittipunt said the cabinet had reviewed the draft bill before it was submitted to the House of Representatives for debate to ensure that the bill is prepared in accordance with the law and the cabinet expects that there should not be any problem. Both said scrutiny would be carried out on both prices offered in auctions as well as quality of work to ensure that corruption, if any, would be difficult. Touching on public concerns over rising public debts following borrowing for investment of the mega projects, Kittirat said most of the money would come from domestic borrowing and it would be complete within December 31, 2020 of which interest would be paid during the first ten years while payment of principal would be settled within 50 years. He said Thailand’s public debts would not exceed 50 per cent of gross domestic product. Meanwhile, House Speaker Somsak Kiatsuranond said the bill would be debated for the first reading next Thursday and Friday. He said the second and third readings could probably be held by House members in May. (TNA)