BANGKOK, 2 June 2013 Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong has expressed confidence that the government’s revenue collection will achieve targets, and its 2014 budget will help reduce deficit to 250 billion baht.
In reference to the government’s financial status, the deputy PM said the current budget deficit was below 2% compared with the rising GDP, while public debt was low. The current public debt was 44% of the GDP, a far cry from the debt ceiling of 60%. The government would borrow to compensate for its budget deficit and try to prevent public debt per GDP from exceeding 50%, Mr Kittiratt said.
Meanwhile, PM’s Office Minister Warathep Rattanakorn said the government’s 2014 budget of 2.52 trillion baht was in line with the country’s strategies and would be able to boost growth. After 1 October 2013, the money allocated for investment would flow into the economic system and help drive the economy forwards effectively.