ID :
157896
Wed, 01/19/2011 - 10:34
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http://m.oananews.org//node/157896
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Mid-year budget approved for rehabilitating Thailand's disaster-hit areas
BANGKOK, Jan 19 (TNA) - The Thai Cabinet has approved a mid-year budget of 110 billion baht in the 2011 fiscal year, which started from October 1 2011, to finance rehabilitation plans in the country's disaster-hit areas; while preparing as well for the government's balanced budget over the next five years.
Thai Finance Minister Korn Chatikavanij said that most of the mid-year state fund, approved by the Cabinet on Wednesday (Jan 19), will sponsor rehabilitation programs in areas battered by floods and storms across Thailand, many of which require at least a 17-billion-baht support each; while some 5.9 billion baht will be allocated to local administrative bodies as required by the 2007 Constitution.
Korn revealed that another 84 billion baht of the approved mid-year budget will be returned to a state coffer to lower the Thai government's budget deficit in the 2012 fiscal year, from a shortfall of 420 billion baht in the present 2011 fiscal year, paving the way for the Thai government's balanced budget over the next five years.
The finance minister acknowledged that the Thai Cabinet's approval of the mid-year budget followed an increment of state revenues from tax collections during the first three months of the present 2011 fiscal year, exceeding the government's target by 41 billion baht or some 11.5 per cent. Korn projected that Thailand's total state revenue from tax collections in the whole 2011 fiscal year will exceed the government's earlier target by 120 billion baht.
The Thai finance minister affirmed that the mid-year budget would not be used to sponsor his government's populist welfare or people's development schemes, including its subsidy on power or cooking gas bills for low income households across the country. (TNA)
Thai Finance Minister Korn Chatikavanij said that most of the mid-year state fund, approved by the Cabinet on Wednesday (Jan 19), will sponsor rehabilitation programs in areas battered by floods and storms across Thailand, many of which require at least a 17-billion-baht support each; while some 5.9 billion baht will be allocated to local administrative bodies as required by the 2007 Constitution.
Korn revealed that another 84 billion baht of the approved mid-year budget will be returned to a state coffer to lower the Thai government's budget deficit in the 2012 fiscal year, from a shortfall of 420 billion baht in the present 2011 fiscal year, paving the way for the Thai government's balanced budget over the next five years.
The finance minister acknowledged that the Thai Cabinet's approval of the mid-year budget followed an increment of state revenues from tax collections during the first three months of the present 2011 fiscal year, exceeding the government's target by 41 billion baht or some 11.5 per cent. Korn projected that Thailand's total state revenue from tax collections in the whole 2011 fiscal year will exceed the government's earlier target by 120 billion baht.
The Thai finance minister affirmed that the mid-year budget would not be used to sponsor his government's populist welfare or people's development schemes, including its subsidy on power or cooking gas bills for low income households across the country. (TNA)
