Water projects will get funds in 2013, vows Kittiratt

BUDGET

About a quarter of the 350 billion baht borrowed for water management projects will be disbursed next year, says Finance Minister Kittiratt Na-Ranong.

The emergency decree for borrowing the funds was approved by the cabinet in this year's first quarter, but only 3.4 billion baht has been spent, raising questions about why the projects have made such slow progress.

Mr Kittiratt said the state agencies will take time until early next year to find the winning bids from proposals filed by private companies, with the funds to be disbursed thereafter.

The projects under consideration will cost a total of one-fourth of 340 billion baht or 85 billion baht. Total approved borrowing is 350 billion baht, of which 10 billion baht was disbursed to be used in research by the Strategic Committee for Reconstruction and Future Development chaired by Virabongsa Ramangkura.

Approved projects totalling 22 billion baht have yet to receive funds.

Under the decree, the government can borrow all of the money by next June 30.

Mr Kittiratt voiced confidence the loans can be made in time.

But the government insists the budget be disbursed in accordance with the actual level of project construction.

Therefore, the borrowed money must have a clear objective before disbursement, said Mr Kittiratt.

He said the disbursements are crucial to the economy, given total gross domestic product (GDP) of 12 trillion baht in fiscal 2013.

Efficient disbursement will play a role in meeting the GDP growth target.

The government plans to disburse up to 94% of the total budget in fiscal 2013.

For the investment budget of 400 billion baht alone, the government wants to disburse at least 80%.

The fiscal 2013 budget calls for 2.4 trillion baht in expenditures and 2.1 trillion in revenue for a current account deficit of 300 billion.

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About the author

Writer: Wichit Chantanusornsiri
Position: Business Reporter






Article source: http://www.thethailandlinks.com/2012/11/24/water-projects-will-get-funds-in-2013-vows-kittiratt/