Kittiratt pleased with low deficit

 

 

"That we target to reduce the budget deficit demonstrates our intention to keep the economy strong and vibrant," he told reporters at a Finance Ministry press conference.

Joining him at the press conference, organised to mark the ministry's 1st-year achievement, were deputy finance minister Viroon Techapaibul and high-ranking officials. 

Kittiratt noted that in the 2012 fiscal year, though the budget deficit increased, it went up marginally or by Bt20 billion from the previous year.  He also said that since the Yingluck government took office, the economy has expanded largely even after the floods late last year. Private consumption has been on the rise, thanks to the government's policies launched to counter negative impacts from the export sector, he said.

On inflation, he admitted that food and energy prices are attributable to the increases, and the ministry has put it under control through fiscal policies as monetary policies are out of the ministry's control. 

On public debt, he insisted that it remained low, at about 40 per cent of GDP. But for the debt shouldered by the Financial Institutions Development Fund, the ratio would fall to 30 per cent of GDP, which is well below the 60 per cent threshold.