Prayut takes the helm of economic team
Planning to start work next week, the council of economic ministers will put forward a short-term economic stimulus package.
“We agree to a council of economic ministers chaired by the Prime Minister and it is a consensus among deputy prime ministers to work together to screen and put forward economic policies,” Prime Minister General Prayut Chan-o-cha said after the first Cabinet meeting yesterday.
He said the council will address the issue of policy coordination since different deputy prime ministers oversee different ministries, the problems of policy coordination may occur .
He said the Finance Ministry is currently considering a short-term economic stimulus package, aimed at boosting domestic consumption, tourism, accelerating budget disbursement by state agencies and state-owned enterprises.
The package will fall in line with government outlays for fiscal 2020, focusing on accelerating public investment in both large and small projects. Public spending will also come under a five-year plan, which will be submitted for Cabinet approval shortly.
Government spokesperson Naruemon Pinyasinwan said the council of economic ministers will be chaired by Prime Minister Prayut with three Deputy Prime Ministers - Somkid Jatusripitak, Jurin Laksanawisit and Anutin Charnvirakul acting as vice chairmen.
Ministers from 11 ministries would serve as committee members including Finance Minister Uttama Savanayana, Transport Minister Saksayam Chidchob and Energy Minister Sontirat Sontijirawong.
Assigned by the Cabinet, the council of economic ministers have the authorities to screen policies concerning economic affairs such as trade, investment, tax, fiscal, tourism, logistics and energy, agriculture, education and technology, she said.
It also has the authority to make policy recommendations for the Cabinet approval. It could invite ministers, state officials or other committee to provide information.
Sontirat said the council will be a key mechanism for the coalition government working on economic issues. It plans to hold the first meeting next Monday. The council of economic ministers was initiated in 1980s during the tenure of the late Prime Minister Prem Tinsulanonda.
Meanwhile, Dechapiwat Na Songkhla , director of Budget Bureau said the Finance Ministry, Bank of Thailand, National Economic and Social Development Council and Budget Bureau will meet on August 2 to discuss the framework of the budget for FY2020. The total expenditures is estimated at Bt3.2 trillion with a deficit of Bt450 billion.
The draft budget bill will be submitted to the Cabinet for approval on August 6. The government plans to continue to run a budget deficit as it wants to boost infrastructure investment, stimulate local consumption amid the ongoing slide in exports .
Many research houses have downgraded their economic growth projection from around 4 per cent to 3 per cent this year.
