Govt confident of Bt2-tn bill's progress

Kittiratt expressed his confidence that the act being drafted to underpin the Bt2-trillion borrowing for transportation-infrastructure investment would continue as planned, despite some complaints. He said the draft complied with both the mission for national development and the Constitution.

Kittiratt made his remarks in a speech on “Step ahead for the economy, trade and investment” at a seminar entitled “Moving forward, Bt2 trillion to drive the Thai economy to the global level”.

“We have studied details of the investment project, [which is] proper for the country in the long term. Actually, its full investment requires as much as Bt4.2 trillion. But with constraints, we [plan to] use only Bt2 trillion over a seven-year period. Such spending will adhere to fiscal discipline with public debts of no more than 50 per cent of the nation’s gross domestic product,” Kittiratt said. 

The government had explained the investment plan to related parties in the country and overseas, he said, adding that cautious consideration was given to its worthiness and to prevention of corruption.

The draft is expected to be reviewed in the general debate and, if passed, will be forwarded for the Senate’s consideration. 

“There could be complaints on the draft. We hope there is no problem,” Kittiratt said.

If the draft does not proceed as planned, that could affect the Thai economy’s expansion as a whole, he said. 

“If the investment is delayed, the economy may not [function] satisfactorily,” he said.

Considering the size of the planned borrowing, Kittiratt warned financial institutions not to compete for deposits at present, as the country had high liquidity of as much as Bt3 trillion. If the government borrows Bt1.15 trillion per annum, there could be no problem with liquidity, he said.