Cabinet okays draft legislation on THB2tril state borrowing plan

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BANGKOK, 28 February 2013 The Cabinet has approved the draft law to enable the government to make a large borrowing for the implementation of its infrastructure development initiatives. 

Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong revealed on Wednesday that the weekly Cabinet meeting agreed to approve the draft bill, which will enable the Finance Ministry to make 2-trillion-baht public borrowing under the state-initiated infrastructure investment plans.

Mr. Kittiratt stated the government has anticipated that much-anticipated, full-scale basic infrastructure investment plans will actually require approximately 4.2 trillion baht for the project implementation during the next 10 years.

According to the Deputy PM, the approved draft bill will cover only major development plans, such as the dual-track rail system, the high-speed train system and the interregional highways.

For other projects, Mr. Kittiratt said funding will be allocated from the state fiscal budget. He added that the government still aims to turn the budget deficit into the balanced budget, within the next few years.