Finance Ministry: “2014 fiscal budget framework will be ready on time”

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BANGKOK, 14 April 2013 – Finance Minister Kittiratt Na-Ranong is confident that the government’s 2014 fiscal budget framework will be readied for the Cabinet consideration at the end of April. 

Mr. Kittiratt said on Sunday that the details of the budget framework for the next fiscal year is under discussion with related state agencies to make sure that every detail is clarified, especially when requested budgets from all offices and ministries appear to be too high.

The Finance Minister stated that the budget allocation for all offices must be appropriately made and in line with the government strategies.

He said the 2014 budget framework will be presented the Cabinet to review and approve by no later than the beginning of May, so that the special Lower House session to debate the first reading of the budget bill can accordingly take place.

Mr. Kittiratt is confident that the next budget bill will be passed by September in order for the budget disbursement for the 2014 fiscal year to begin in October.

He also assured that the government is aiming to run a budget deficit of no more than 250 billion baht in fiscal 2014, which is equivalent to less than 2% of the country’s GDP.

The Finance Minister went on to say that the government is determined to continue to lower the deficit in the following years.