NLA okays additional Bt190-bn budget

Finance Minister Apisak Tantivo-rawong said the additional budget would be used to finance projects that need expedition and to stimulate the economy. 
The bill passed the NLA with 163 votes after five hours of discussion in three readings. 
About Bt162 billion of the additional budget will fund the policy of developing the grass-roots economy sustainably. 
Of that amount, Bt10 billion will be used to finance a fund for enhancing the competitiveness of targeted industries, Bt15 billion for village funds and urban communities, and Bt115 billion for an integration plan for strengthening the economy with sustaina|bility. 
The remaining Bt22 billion will be set aside as a contingency fund.
About Bt27 billion will be used to offset the treasury balance as required by law for allowances, pensions and medical fees for civil servants and state employees.
The main target is to bring prosperity and advancement to the country and its people through employment and work upgrades, while strengthening the domestic economy amid the global economic volatility, the Finance Ministry says.
“The Thai economy is forecast to expand by 3-4 per cent in 2017, likely driven by public investment, infrastructure investment, the agricultural sector, manufacturing and tourism,” Apisak said. 
Inflation is estimated in a range of 1.5-2.5 per cent following expected recoveries of crude-oil prices and domestic demand, he said. The current account is projected to be in a surplus of 10.1 per cent of gross domestic product.
He said that although about Bt160 billion of the additional budget would be borrowed, the public debt would not exceed the limit.
At the NLA session yesterday, the discussion in both the first and second readings centred on the need to have the government spend the budget in regard to efficiency and sustainable development.
To that end, an inspection mechanism was proposed for projects, while several NLA members suggested that the additional budget did not really meet people’s demands.