Thai Cabinet approves fiscal 2014 budget

BANGKOK, February 13 (TNA) - The Thai Cabinet has approved the government's expenditure budget for the 2014 fiscal year, from October 1, 2013-September 30, 2014, amounting 2.525 trillion baht. Thai Government Spokesman Dr. Tossaporn Sereerak told journalists that the government's 2014 fiscal budget was endorsed at the Cabinet's weekly meeting on Tuesday, saying that the new budget framework is an increase of some 100 billion baht, or 5.3 per cent, from the 2013 fiscal budget, based on an assumption that the Thai government's revenue should total at 2.275 trillion baht. Dr. Tossaporn acknowledged that the government's 2014 fiscal budget would be a deficit of about 250 billion baht, a slight decline from the 2013 fiscal year, assessing that the Thai government should achieve a balanced budget by the 2016 fiscal year. According to the spokesman, the Thai government's investment was set at about 457 billion baht, up some 6.63 billion baht, or 1.5 per cent, from the 2013 fiscal year. The spokesman noted Thailand's gross domestic product (GDP) is projected to sustain a 4.5 per cent growth in 2013, inflation to stand at 3.2 per cent boosted by rising domestic consumption and investment, especially the government's investment in new mega-infrastructure projects, including anti-flood programme amounting around 350 billion baht; while Thai exports are expected to start recovering in the second half of this year and should keep growing until next year, after having been affected by a debt crisis in Europe. (TNA)