ID :
136487
Sat, 08/07/2010 - 10:24
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Shortlink :
http://m.oananews.org//node/136487
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Thai finance minister sees need for continued deficit budget
BANGKOK, Aug 7 – Finance Minister Korn Chatikavanij on Friday conceded that the government must continue with a budget deficit for the time being since Thailand, as a developing country, still must rely on applying several trillion baht for national development.
Mr Korn said the government has a duty to develop and overhaul the country’s basic infrastructure, education, public health, communication and transport systems, as well as water resources.
It is currently not justified, Mr Korn said, to adopt a balanced budget because the government’s expenditures are close to its revenues, so there are insufficient funds available to invest in various projects.
Mr Korn said he saw no problem in maintaining the budget deficit for the time being.
“Now state revenues are considered close to the amount disbursed, with not much money left for investment. So, it is necessary for the government to adopt the budget deficit for some time. I see no problem on this matter because it is usual for developing countries to manage the budget deficit,” he said.
To ensure that the Thai economy continues growing under the 5-year economic development plan, he said, the government must revise rules and regulations to give the private sector opportunities and motivations to play a more active role in driving the country’s economy.
“A key point is how we can revise the rules and regulations so that the private sector has a more important role in driving the economy. The public sector must turn to invest less and allow the private sector to invest more,” he said. (MCOT online news)
Mr Korn said the government has a duty to develop and overhaul the country’s basic infrastructure, education, public health, communication and transport systems, as well as water resources.
It is currently not justified, Mr Korn said, to adopt a balanced budget because the government’s expenditures are close to its revenues, so there are insufficient funds available to invest in various projects.
Mr Korn said he saw no problem in maintaining the budget deficit for the time being.
“Now state revenues are considered close to the amount disbursed, with not much money left for investment. So, it is necessary for the government to adopt the budget deficit for some time. I see no problem on this matter because it is usual for developing countries to manage the budget deficit,” he said.
To ensure that the Thai economy continues growing under the 5-year economic development plan, he said, the government must revise rules and regulations to give the private sector opportunities and motivations to play a more active role in driving the country’s economy.
“A key point is how we can revise the rules and regulations so that the private sector has a more important role in driving the economy. The public sector must turn to invest less and allow the private sector to invest more,” he said. (MCOT online news)
