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Finance Ministry seeking
new funding source
for rice pledging scheme
The Finance Ministry is speeding up its search for a new source of loans to
pay farmers participating in the rice pledging scheme by Jan 15.
A meeting of the public debt policy and management committee was held last
week, chaired by Kittiratt Na-Ranong, Caretaker Deputy Prime
Minister/Finance Minister, to consider new loan sources to pay farmers under
the pledging scheme during the 2013/2014 harvest season.
The money must be distributed to farmers by Jan 15 and managed to be within
the ceiling.
Kittiratt affirmed that the loan budget is now still within the ceiling of
Bt500 billion based on the assumption that the country’s gross domestic
product (GDP) does not decrease, which will otherwise affect the debt ratio.
Meanwhile, Anusorn Thammajai, a committee member, said the loan budget will
be within Bt500 billion, for the Election Commission (EC) stated that such
project could continue as it was an existing project, not a new one.
Therefore, the committee will have to speed up finding a new source of loans
to pay farmers.
Anusorn admitted that ongoing political problems have affected the Thai
economy in various dimensions and could affect the Public Debt Management
Office’s projection on the country’s economy in the next 4-5 years.
He said the economy this year could grow less than 3 percent, which will
result in a higher ratio of public debt to GDP and thus affect finding loan
sources to fund mega investment projects as well as economic opportunity
losses. (MCOT)
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Thailand encounters weakened baht, stocks moving downward, plunging economy, political stalemate
The Thai baht plummeted to its lowest in four years last
week amid concerns that Thailand’s political turmoil has dealt a blow to
public and private investment and the country’s economic recovery.
The Thai currency weakened to Bt33.02-33.04 against the dollar Friday, Jan
3, depreciating from Bt32.95-32.97 a day earlier.
Besides political unrest, the strengthened US economy has pushed up the
dollar against other currencies.
Kittiratt Na-Ranong, caretaker deputy prime minister/finance minister, said
a 67-point nosedive of the Thai bourse on Thursday, Jan. 2, and its
continued decline Friday, Jan. 3 were mainly due to the political conflicts
which have demoralized investors.
He said Thailand has experienced a rapid surge after a crisis in the past,
citing the quick recovery after the tsunami disaster in the South in 2004
and massive floods in 2011.
Though political problems have disrupted revivals of the Thai economy and
stock market, the Thai bourse - which encountered a heavy sell-off despite
strong fundamentals - will rapidly pick up, he said.
Kittiratt said the weakened baht will be a boon to Thai exports but will
pose a negative impact on imports of essential products, particularly crude
oil.
Several state-initiated investment projects, including the Bt2 trillion
infrastructure development, will be suspended, pending a ruling by the
Constitution Court, while domestic consumption has slowed down, he said.
Anusorn Thammajai, dean of the Faculty of Economics at Rangsit University,
said Thailand went through a capital outflow at over Bt200 billion in
September-October given the political stalemate and investors’ lack of
confidence.
The planned seizure of Bangkok on January 13, as announced by
anti-government protesters, will give domestic and foreign investors the
jitters, he said, adding that it would take over a decade to rebuild the
shattered economy. (MCOT)
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Abdur Rahim appointed
Pastry Chef at Centara Grand
Mirage Beach Resort Pattaya
Robert John Lohrmann, General Manager of Centara Grand
Mirage Beach Resort Pattaya has announced the appointment of Abdur Rahim as
Pastry Chef with immediate effect.
Abdur Rahim.
Chef Rahim is from Bangladesh and has 24 years of
experience in bakery kitchens in many international hotel chains in Kuwait
and Bangladesh, such as the Holiday Inn and Marriott in Kuwait, Westin
Hotels and Starwood International in Bangladesh. Prior to joining Centara
Grand Mirage Beach Resort Pattaya, he was sous chef at the Westin Dhaka in
Bangladesh for 4 years.
Political unrest severely
affecting foreign tourist arrivals
Prolonged political turmoil will negatively impact the
tourism industry which will possibly lose 400,000 foreign visitors this
month, according to the Tourism Council of Thailand (TCT).
In its assessment of the country’s tourism in 2013-2014, the TCT said the
number of visitors from China and Russia - Thailand’s two major markets -
have dropped by 25-30 percent, mainly in Bangkok, Pattaya, Hua Hin and
Cha-am.
The northern provinces of Chiang Mai and Chiang Rai, however, enjoyed growth
from the middle of last year compared to other regions in the country.
Most visitors to the North were from China, Europe and the US, reported the
TCT, adding that the dropping temperature since last month has attracted
more tourists.
TCT said 40 countries have issued travel advisories to their citizens,
suggesting them not to go close to demonstration sites while some countries
have elevated their warnings against visiting Bangkok since January 1.
TCT president, Piyamarn Techapaiboon, said tourism during the New Year
celebrations was not as active as usual, while tourism operators in several
provinces have been forced to adjust their marketing strategies.
She said tourism in Thailand has become volatile in light of the political
stalemate and declining trends in the region while operators have to place
more emphasis on promoting new destinations in the provinces.
The original prediction of 2.5 million arrivals this month, which coincides
with the Chinese New Year, may be short by 400,000 persons, and revenue will
also decrease by about Bt18 billion, she said. (MCOT)
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