Kittiratt reiterates "urgency" for executive decrees

 He told reporters after the testimony that he expressed his full confidence to the Court over the Cabinet's decision process. The Cabinet resolved that there was urgency to issue four executive decrees, including the two decrees in question.
 Moreover,  he also told the Court that to preserve fiscal disciplines, the government deficit in the 2013 fiscal year would be lower than in 2012. Still, plus proceeds to be raised under the four executive decrees, the government would have over Bt1 trillion for the post-flood investment.
 The World Bank in November expects Thailand to require Bt756 billion to build a stronger and more resilient economy over the next 24 months.
 Citing the urgency, the Yingluck government opted to issue four executive decrees, rather than royal decrees which are subjected to thorough parliamentary screening.  Democrat MPs and some senators seek the Court's ruling whether the government's plans involving the Bt350 billion borrowing and the management of Financial Institutions Development Fund's debt are really urgent and whether they violate the Constitution's Article 184.

After three-hour testimonies of many including Democrat MP Korn Chatikavnij, Opposition Leader Abhisit Vejjajiva, the Court announced that it would announce the ruling on Feb 22.
 Kittiratt on Wednesday said that with public debts of Bt4.22 trillion, the ratio is getting close to the threshold of 60 per cent of gross domestic product (GDP). Of total, Bt1.14 trillion belongs to the FIDF. He said that the loan must be urgently transferred to the Bank of Thailand, or the government is required to set aside Bt60 billion for the annual interest expense in the 2013 fiscal year. Persistently high deficits would then hurt confidence.
 "If the process is unacceptably wrong to society and the world, the stock market would plunge. That did not happen, reflecting that the government's process is on the right track. Still, this is up to the Court's judgement," he said.
 Kittiratt denied to comment what the government would do if the Court rules that there is no urgency to issue the two executive decrees.

In his testimony, Korn said that there was no necessity to issue the executive decrees, with central budgets as well as three new revenue-making approaches for the FIDF to prevail in 2013.
 While saying that the FIDF debt transfer would push the burden to the general public, he added that there is no need for the transfer to widen the borrowing room. Moreover, there is no clarity how the government would handle future public debt, he said.