Wednesday, August 21, 2019

Cabinet on guard amid economic worries

Aug 14. 2019
Prayut Chan-o-cha
Prayut Chan-o-cha
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By The Nation

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Prime Minister Prayut Chan-o-cha on Tuesday instructed Cabinet members tasked with economic affairs to carefully monitor the global economic situation.

Deputy Prime Minister Somkid Jatusripitak meanwhile defended his decision to have a joint committee established with representation from the Finance Ministry, Bank of Thailand (BoT) and Securities and Exchange Commission.

Somkid

He said he did not intend for the the committee to have undue control over state financial policy beyond its component members’ regular duties.

The Commerce Ministry has been instructed to oversee trade and the BoT’s Financial Institutions Policy Committee to keep watch on the baht’s health and the overall economic picture.

Somkid will chair an “Economic Cabinet” meeting on August 16 at which Finance Minister Uttama Savanayana is expected to unveil a Bt170-billion stimulus package.

Uttama said after Tuesday’s Cabinet meeting that the stimulus package would draw on both regular and extraordinary budgets to guarantee more spending within the Thai economy.

Prayut also wants Uttama to analyse economic developments from the first six months of this year, during which the value of exports dropped by 2.8 per cent.

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