EC approves GSB’s loan to BAAC


BANGKOK, 17 February 2014  The Election Commission (EC) has confirmed that the Government Savings Bank’s 20-billion-baht loan to the Bank for Agriculture and Agricultural Cooperatives (BAAC) is legal. 

The government has insisted the farmers will gradually receive their long-overdue money beginning today.

Election Commissioner Somsak Suriyamongkol said the government’s efforts to secure funds from the GSB and other financial institutions are not deemed unconstitutional, as it is within an existing scheme.

Regarding the Ministry of Commerce’s plans to garner 700 million baht from the state budget to finance part of this scheme, the EC made known that details needed to be forwarded to the agency for further review. Mr Somsak noted that the amount strangely did not match the overdue payment of 130 billion baht for farmers

He further commented on the EC’s plea for an issuance of a royal decree to host new elections in 28 southern constituencies, saying that the EC will seek a review from the Constitutional Court if the government turns down the agency’s offer.