BANGKOK, May 20 (TNA) – The core opposition party, Pheu Thai, accused the government of unnecessarily increasing public debts by planning to additionally borrow 700 billion baht and suggested it drop unnecessary budgets instead.
Pichai Nariptaphan, deputy leader of the Pheu Thai Party, said he was surprised with the cabinet’s approval for the Finance Ministry’s proposal to borrow 700 billion baht additionally. The proposal was submitted as an unscheduled matter in the cabinet’s latest meeting and lacked details, he said.
The finance minister had just insisted late last month that the government had not spent 380 billion baht from its previous 1-trillion-baht borrowing project and the remaining sum was enough to help people affected by the COVID-19 outbreak without an additional loan, Mr Pichai said. He urged Prime Minister Prayut Chan-o-cha to elaborate on spending in the previous 1-trillion-baht borrowing.
It would be difficult to check spending from the 700-billion-baht borrowing because there was not a clear spending framework and thus irregularities could happen, he said.
He said that the additional 700-billion-baht borrowing would cause public debts to exceed 9 trillion baht which would be higher than 60% of the gross domestic product.
He warned that the government’s revenue this year would be more than 200 billion short of its target and worsen the financial status of the country. He proposed the government cut all unnecessary budgets including those concerning security. (TNA)
