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'Ekniti' on 400 Billion Baht Loan Decree for Parliament May 14

'Ekniti' on 400 Billion Baht Loan Decree for Parliament May 14

Matichon•Politics•8d ago

Reader Briefing

Thailand's Finance Minister Ekniti Nitithanprapas defended the necessity of a 400 billion baht loan decree, citing insufficient existing funds and the urgent need to address the global energy crisis and its impact on domestic livelihoods.

  • •The Thai government is issuing a royal decree to borrow 400 billion baht to mitigate the impacts of the energy crisis and manage energy transition.
  • •Minister Ekniti Nitithanprapas stated that existing budget funds are insufficient, necessitating the loan.
  • •The decree is scheduled for parliamentary approval on May 14, with funded projects requiring vetting by September 30 and loan disbursement extending to September 30, 2027.
  • •The loan is intended to support vulnerable citizens and businesses, and to facilitate a transition to cleaner energy sources.
  • •The borrowing will be domestic, minimizing exchange rate risk, and the government asserts ample liquidity exists.

Overview

  • •A global energy crisis, exacerbated by the Middle East situation, is impacting global economies and livelihoods.
  • •Existing budget funds for fiscal year 69 are insufficient (less than 50 billion baht), and the central budget is only 20 billion baht, therefore a loan is necessary to address the crisis.
  • •Ekniti Nitithanprapas stated that 'This is a global crisis, a crisis that affects people's livelihoods' in order to justify the loan decree.
  • •The government aims to borrow 400 billion baht to address the economic crisis.
  • •The Royal Decree (พ.ร.ก.) for the 400 billion baht loan was approved by the Cabinet and will be submitted to Parliament on May 14.
  • •Projects funded by the loan must be submitted for vetting by September 30 and loan disbursement can continue until September 30, 2027.
  • •The Ministry of Finance will borrow the funds domestically, leveraging abundant market liquidity and low domestic interest rates.
  • •Ekniti Nitithanprapas confirmed that projects like 'Kon La Kreung Plus' and the welfare card program can be funded if they pass the vetting process.

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Source: Matichon (Original)

Key Quotes

Ekniti Nitithanprapas
"Should we wait? Looking at the budget for year 69, how much is left? Current information shows less than 50 billion baht, which is insufficient."
เราจะรอหรือ เพราะดูงบประมาณ ปี 69 มีเหลืออยู่เท่าไหร่ ซึ่งข้อมูลปัจจุบันมีไม่ถึง 5 หมื่นล้านบาท ซึ่งไม่เพียงพอ
Ekniti Nitithanprapas
"Cannot wait for it to end as the end is unknown."
ไม่สามารถเร่งได้ เพราะไม่รู้จบเมื่อใด
Ekniti Nitithanprapas
"This is a global crisis, a crisis that affects people's livelihoods."
ครั้งนี้คือวิกฤตโลก เป็นวิกฤตที่กระทบปากท้องประชาชน
Ekniti Nitithanprapas
"We want to solve the crisis affecting people's livelihoods. This matter is urgent."
เราต้องการแก้วิกฤตปากท้องประชาชน เรื่องนี้มีความจำเป็นเร่งด่วน

Key Entities

Person

Ekniti(เอกนิติ)
Deputy Prime Minister and Minister of Finance who is explaining the necessity of the 400 billion baht loan decree.
Ekniti Nitithanprapas(เอกนิติ นิติทัณฑ์ประภาศ)
Deputy Prime Minister and Minister of Finance explaining the royal decree to borrow 400 billion baht.
Ms. Sirikanya Tansakul(น.ส. ศิริกัญญา ตันสกุล)
A Member of Parliament who raised concerns about issuing a Royal Decree instead of a regular law.

Organization

Ministry of Finance(กระทรวงการคลัง)ℹ️
Government body responsible for managing national finances and issuing the loan decree.
Cabinet(คณะรัฐมนตรี)
The executive body of the Thai government that approved the royal decree for the loan.
Parliament(สภาฯ)ℹ️
The legislative body of Thailand that will review and potentially approve the royal decree.
Vetting Committee(กก.กลั่นกรอง)
A committee responsible for reviewing and approving projects funded by the loan decree.

Law

Royal Decree to Borrow 400 Billion Baht(พรก. กู้เงิน 4 แสนล้าน)
The legal instrument authorizing the Thai government to borrow 400 billion baht to address the energy crisis.
Kon La Kreung Plus Project(โครงการคนละครึ่งพลัส)
A proposed government stimulus program that may be funded by the new loan decree.
State Welfare Card(บัตรสวัสดิการแห่งรัฐ)
A social welfare program that could potentially receive funding from the new loan decree.