Rice-scheme folly makes international headlines

The Economist, in its latest report on Saturday on “Thailand’s Economy: The Rice Mountain”, divulged that the costs of the Yingluck government’s rice price-pledging scheme – allegedly the brainchild of Thaksin Shinawatra, who dictates most of his sister’s policies from afar – are about to do severe damage to the government’s finances as well as the country’s economy. 

This Economist report came out soon after Moody’s, an international ratings agency, warned of the risk that the rice scheme poses to Thailand’s fiscal discipline. 

This rice scheme, which was used as a vote-getter for the ruling Pheu Thai Party under Thaksin’s control, has become the biggest burden the country has ever borne. 

Thai rice, which was bought at 40 per cent above market prices by the Yingluck government, has created a myriad of problems that could turn out to be the worst and most costly policy to taxpayers ever. 

Thank Thaksin for that. 

Vint Chavala 

Lamphun