Kittiratt defends transparency of loan bill
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Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong conceded that the Bt2 trillion borrowing could incur interest payment of Bt3 trillion throughout the 50-year period.
Yet, as the fund will be raised mostly domestically, the interest expenses will fall into the hands of Thai investors, he said in the House debate on the borrowing bill.
He also noted that the debt repayment period can be shortened from 50 years.
Insisting that the public debt would not exceed 50 per cent of gross domestic product (GDP), despite the Bt2 trillion borrowing, he also assured all that the system is in place to prevent corruption.
On corruption, the Finance Ministry has revised the median price calculation formula, to specifiy the median prices of all rail, road and bridge construction projects.
"Please be assured that the government will ensure maximum transparency. I understand MPs' worries given problems in the past. Yet, to ensure transparency, all parties need to be involved," he said.
