Thailand's draft bill on Bt2-trillion new mega-projects to reach House in April

BANGKOK, March 3 (TNA) - A draft bill on the Thai government's borrowing of two trillion baht, mostly from domestic sources, to fund new mega-infrastructure development projects is expected to be submitted to the House of Representatives for further deliberation by mid-April 2013. Thai Deputy Prime Minister and Finance Minister Kittirat Na-Ranong told the public of the update during the weekly TV and radio programme of Prime Minister Yingluck Shinawatra, saying that the draft bill, which was earlier approved by the Cabinet, is likely to reach the House before it goes into recess. Assuring the public that there would not be any corruption practice in the spending of the huge amount of money in the new mega-projects, most of which are in the transportation sector, Kittirat acknowledged that the planned seven-year-long borrowing will not add burden to the public debt. According to the deputy premier, Thailand's public debt now stands at 43 per cent of the country's gross domestic product (GDP), far less than 60 per cent which is considered too high and might put the national economy in jeopardy. Meanwhile, Transport Minister Chadchart Sittipunt pointed out during the same programme that the planned spending of two trillion baht over the next 10 years is foreseen to help cut domestic transportation costs to 13.2 per cent of Thailand's GDP within seven years, from 15.2 per cent of GDP presently, and that Thai exports are expected to be competitive by then. Meanwhile, government agencies involving in the massive spending will participate in an exhibition to be held at the Government Centre on Chaeng Wattana Road on Bangkok outskirts from March 7-8, during which seminars are also held for the public to share their opinions on the new transport mega-projects. (TNA)