ID :
56720
Tue, 04/21/2009 - 20:17
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Shortlink :
https://oananews.org//node/56720
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Thai cabinet reduces budget for Fiscal 2010 by Bt200 billion
BANGKOK, April 21 (TNA) - The Cabinet on Tuesday agreed to reduce the government’s budget expenditure for the 2010 Fiscal Year, starting October 1, by Bt200 billion, while also acknowledging that the country’s economic growth this year may contract as much as five per cent, Prime Minister Abhisit Vejjajiva said on Tuesday.
Speaking to a press conference after the cabinet meeting, Mr. Abhisit said the government had agreed to lower it’s planned expenditures for fiscal 2010 to Bt1.7 trillion from the Bt1.9 trillion set earlier. Following the reduction, the budget will suffer a deficit at Bt350 billion, which is within the requirements while financial discipline could also be maintained.
Every ministry has been informed of the budget cuts as all must submit details of their planned spending to the cabinet for consideration within the next two weeks, Mr. Abhisit explained.
In addition, the Finance Ministry will submit the same day details of projects under the second round economic stimulus programme unable to be contained in fiscal 2010 and as well as indicating where funding money for these projects would come from, he said.
Regarding national economic growth for Calendar 2009, Mr. Abhisit said several think tanks had lowered their projections of national economic growth, earlier expected to contract between 0-2 per cent, which could now suffer a further contraction of up to five per cent.
The country’s tourism industry, severely impacted by global economic downturn and political unrest at home, requires government explanation to the international community, to assure both business and tourism visitors that Thailand remains safe for their citizens to visit.
More measures to boost the tourism industry are expected to be released next week, said Mr. Abhisit.
Asked how long the Thai economy would remain in the doldrums, Mr. Abhisit said it is difficult to predict because the problem is linked to troubled foreign economies.
Some countries have shown positive signs of movement, while others still have problems, he said. Even securities markets in overseas are moving with volatility. (TNA)
Speaking to a press conference after the cabinet meeting, Mr. Abhisit said the government had agreed to lower it’s planned expenditures for fiscal 2010 to Bt1.7 trillion from the Bt1.9 trillion set earlier. Following the reduction, the budget will suffer a deficit at Bt350 billion, which is within the requirements while financial discipline could also be maintained.
Every ministry has been informed of the budget cuts as all must submit details of their planned spending to the cabinet for consideration within the next two weeks, Mr. Abhisit explained.
In addition, the Finance Ministry will submit the same day details of projects under the second round economic stimulus programme unable to be contained in fiscal 2010 and as well as indicating where funding money for these projects would come from, he said.
Regarding national economic growth for Calendar 2009, Mr. Abhisit said several think tanks had lowered their projections of national economic growth, earlier expected to contract between 0-2 per cent, which could now suffer a further contraction of up to five per cent.
The country’s tourism industry, severely impacted by global economic downturn and political unrest at home, requires government explanation to the international community, to assure both business and tourism visitors that Thailand remains safe for their citizens to visit.
More measures to boost the tourism industry are expected to be released next week, said Mr. Abhisit.
Asked how long the Thai economy would remain in the doldrums, Mr. Abhisit said it is difficult to predict because the problem is linked to troubled foreign economies.
Some countries have shown positive signs of movement, while others still have problems, he said. Even securities markets in overseas are moving with volatility. (TNA)
