700 billion baht slated to be injected into Q4 economy through state spending

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BANGKOK, 8 October 2013 – As much as 700 billion baht is slated to be injected into the economy in the 4th quarter of 2013 due to accelerated spending by government agencies, according to the Comptroller General’s Department. 

Department director Manat Chamweha on Monday said 100 billion baht will be drawn from the money that remains in the fiscal 2013 budget, whereas another 600 billion baht will come from the fiscal 2014 budget. The combined amount is considered the highest quarterly spending for year 2013, and is expected to give a boost to the economy in the 4th quarter.

According to Mr. Manat, Minister of Finance Kittirat Na Ranong has assigned the Comptroller General’s Department to expedite budget spending by state agencies nationwide. Agencies that fail to make progress on budget spending in accordance with previously proposed projects will be noted and taken into consideration during the next budget allotment. Agencies that successfully spend in accordance with their proposed projects could receive additional budget for more projects.

Furthermore, as part of the initiative to spur consumption, a 4 billion baht budget is being allocated as bonus pay for civil servants this year.